The visitors went close after 15 minutes when Reuben Reid forced Matt Macey into a save at his near post.
Luton threatened sporadically in the opening half hour, Jonathan Smith volleying over and Jordan Cook narrowly missing the target with a 30-yard free kick.
Exeter goalkeeper Bobby Olejnik made a fine save to keep out Jack Marriott's header, before Hylton missed the follow-up.
After the break, Reid's close-range shot was blocked by defender Alan Sheehan, with the striker then firing woefully over the top from eight yards.
The visitors took the lead just before the hour mark when Jack Stacey teed up Jake Taylor to calmly beat Macey.
Luton pressed for an equaliser and after Ollie Palmer saw his effort cleared off the line by Luke Croll, the substitute crossed for Hylton to power a header home in the 68th minute.
Hylton had an effort ruled out for offside, while Macey denied Ollie Watkins at the other end as neither side were able to find a winner.
Report supplied by the Press Association.
Match ends, Luton Town 1, Exeter City 1.
Second Half ends, Luton Town 1, Exeter City 1.
Attempt saved. Ollie Palmer (Luton Town) right footed shot from the left side of the box is saved in the centre of the goal.
Alan Sheehan (Luton Town) wins a free kick in the defensive half.
Foul by Ollie Watkins (Exeter City).
Corner,  Exeter City. Conceded by Alan Sheehan.
Substitution, Exeter City. Matt Oakley replaces Jake Taylor.
Corner,  Exeter City. Conceded by Matt Macey.
Attempt saved. Ollie Watkins (Exeter City) right footed shot from the right side of the box is saved in the bottom right corner.
Jack Senior (Luton Town) is shown the yellow card for a bad foul.
Foul by Jack Senior (Luton Town).
David Wheeler (Exeter City) wins a free kick in the defensive half.
Substitution, Luton Town. Olly Lee replaces Jordan Cook.
Glen Rea (Luton Town) wins a free kick in the attacking half.
Foul by Jake Taylor (Exeter City).
Foul by Danny Hylton (Luton Town).
Luke Croll (Exeter City) wins a free kick in the defensive half.
Corner,  Luton Town. Conceded by Troy Brown.
Substitution, Exeter City. Jordan Tillson replaces Reuben Reid.
Attempt missed. Ollie Palmer (Luton Town) left footed shot from the centre of the box is close, but misses to the left.
Corner,  Luton Town. Conceded by Troy Brown.
Jack Senior (Luton Town) wins a free kick on the right wing.
Foul by David Wheeler (Exeter City).
Attempt saved. Glen Rea (Luton Town) header from the centre of the box is saved in the centre of the goal.
Corner,  Luton Town. Conceded by Jack Stacey.
Foul by Ollie Palmer (Luton Town).
Jack Stacey (Exeter City) wins a free kick on the left wing.
Goal!  Luton Town 1, Exeter City 1. Danny Hylton (Luton Town) header from very close range to the bottom left corner. Assisted by Ollie Palmer.
Ollie Palmer (Luton Town) hits the bar with a left footed shot from the centre of the box.
Substitution, Luton Town. Ollie Palmer replaces Luke Gambin.
Corner,  Luton Town. Conceded by Luke Croll.
Attempt blocked. Jordan Cook (Luton Town) right footed shot from the centre of the box is blocked.
Pelly Ruddock (Luton Town) wins a free kick in the attacking half.
Foul by Jake Taylor (Exeter City).
Jack Senior (Luton Town) wins a free kick in the defensive half.
Foul by David Wheeler (Exeter City).
Hand ball by Reuben Reid (Exeter City).
Goal!  Luton Town 0, Exeter City 1. Jake Taylor (Exeter City) right footed shot from the centre of the box to the bottom left corner. Assisted by Jack Stacey.
Corner,  Luton Town. Conceded by Craig Woodman.
Hand ball by Jonathan Smith (Luton Town).
Danny Hylton's equaliser against Exeter City helped Luton Town salvage their fourth draw in six League Two games.