The 21-year-old, who joined the Swans from Anfield for £5 million in the summer, opened the scoring but then highlighted the dangers of the muted celebration with a back-pass to assist former teammate Daniel Sturridge's equaliser.
His Steven Gerrard homage was completed with an intercepted "Hollywood" pass which Victor Moses clinically finished towards the end of an unforgettable half.
Shelvey was then inexplicably booked for being shoved by Lucas Leiva before Dr Jekyll drew level in the second period, as the one-cap England international perceptively flicked on for Michu's leveller.
"I just want to say sorry to the Swansea fans for two bad mistakes," Shelvey told Sky Sports after the draw.
"We started tremendous, getting the goal, but then I've made two mistakes.
"Then I showed a bit of character, getting on the ball and setting the goal up. It's a bit of a relief but feel I've given Liverpool a draw really."