Schalke dominated the early going against Gladbach as they looked to bounce back after losing to Cologne last time out.
Left-back Thomas Ouwejan looked particularly dangerous, finding numerous openings down his wing.
He picked out Bulter with a fine cut back in the early minutes, but Bulter could only find keeper Yann Sommer.
Instead, it was last season's star loanee, Rodrigo Zalazar, who broke the deadlock after defence turned into attack, with a sweeping move finding the Uruguayan, who shrugged off the challenge of Manu Koné before unleashing an unstoppable effort low past Sommer’s right hand.
The away side struggled to make much of their spells in possession, but drew level with 20 minutes to play through a Schalke error.
Numerous challenges were missed by the Schalke back line, before a clever Marcus Thuram back heel found Jonas Hofmann, who rolled home an equaliser.
The hosts suddenly looked all at sea, and it was yet another defensive mishap which gifted Gladbach a second and what looked like a decisive goal.
Goalkeeper Alexander Schwolow fumbled a straight-forward catch from a corner, which fell at the feet of Thuram, who gratefully accepted.
There was to be one final twist though, as in the dying moments, Patrick Herrmann was adjudged to have handled in the box, leaving Bulter with the opportunity from the spot to rescue a point.
He kept his nerve to stroll home, sending Sommer the wrong way to ensure that Schalke fans had something to celebrate in the summer heat.
Flashscore Man of the Match: Marius Bulter (Schalke)
