Patrick Roy was making the 971st regular-season appearance of his career to tie Terry Sawchuk for most by a goaltender, but Smyth deposited a pass from defenseman Janne Niinimaa into a vacant net to earn a point for the Oilers, who had lost three straight games.
Roy, who already held or shared nine NHL goaltending records, will look to claim the games played mark Thursday at Phoenix.
Radim Vrbata and Peter Forsberg scored 2:13 apart early in the third period to erase a deficit and give the Avalanche a 3-2 advantage, but Niinimaa faked a shot from the left faceoff circle that brought Roy to his knees and fed Smyth alone at the top of the crease for his second goal of the season.
Defenseman Eric Brewer and Anson Carter also scored for the Oilers while Tommy Salo stopped 36 shots.
The game was played in front of a crowd of 18,007, the 350th consecutive sellout for the Avalanche dating to Nov. 9, 1995.