Davies has four goals this season.
Derby County fought back from two goals down to earn a point against Reading.
The Canadian struck a wonder strike to give Reading the lead, before the Royals took a 2-0 lead in the second half.
Colin Kazim-Richards pulled one back for Derby in the final minute of the game.
In the first minute of injury time, centre-half Davies headed home to level the scores and extend the Rams' winning run to four matches.
Reading are just above the bottom of the table in 21st place, but they still have 11 points.
Relive Monday's action.
The latest table for the Championship.
Derby came into the match on a run of form that had seen them win three of their last four matches.
Without manager Wayne Rooney on the touchline, they had to do without one of the most spectacular survivals after a 21-point deduction. Rooney didn't make the journey south as a precautionary after coming down with cold-like symptoms, even though he tested negative for Covid-19.
Reading hadn't played since 11 December because of Covid-19 cases, and had seen all three of their matches called off over the festive period.
The home side made a better start and Andy had a chance to put them in front after 17 minutes. John Swift sent in a perfectly weighted cross which was headed towards the inside post by Carroll, but Derby keeper Ryan Allsopp dived low to palm it away.
The Rams had only one shot on target in the first half, and that was a strike by teenager Luke Plange, who forced Southwood into a save.
Southwood launched the ball towards the target man, who nodded it on to the other man. The winger's strike flew past Allsopp into the top-right corner.
He had been out with a hamstring injury, but was making his first start for the Royals since scoring in the win over Cardiff. He struck the ball between the legs of Derby keeper Allsopp from a free-kick to make it 2-0.
Derby began dominating possession and building pressure in and around the Reading box after Kamil Jozwiak found the net for the visitors a few minutes later. They were still missing that final touch.
After coming off the bench to score in Derby's past two games, Kazim-Richards was brought on in the second half and pulled one back. Southwood missed the corner and Kazim-Richards was able to get the ball in behind him.
In the last minute of injury time, Davies rose highest to meet a cross from Nathan Byrne and head a point away for Derby.
Reading manager Veljko Paunovic spoke to the radio.
It's a disappointing way to end the game. We had a great 60 minutes, but we executed our game-plan perfectly.
A lot of players were away for a long time and that affected our fitness levels in the last 30 minutes. I don't think we had a lot of problems until we conceded a goal.
It looked like it took it out of us and we couldn't recover even though we still had the lead. We have to understand that if we concede, we still have a chance to win the game.
"We have to do better, no matter how difficult the season might be, because we have to reignite the enthusiasm."
Liam Rosenior is an assistant manager at Derby County.
The spirit, character and determination of the group is summed up by that. We dominated the game with our possession and the way we wanted to play.
"No matter how many times they get knocked down, or decisions go against them, they keep believing and what we're delighted about is we didn't just end up lumping the ball up the pitch."
I couldn't be prouder of the group of players that are fighting for this football club and the same goes for Wayne.
Line-ups.
Match statistics.
Live text.
Formation 4-2-3-1.
48Ashcroft3Holmes 24Dann21Baba
7Halilovic10Swift23
Southwood
Substituted for Araruna Hoffmann at 45' minutes.
3Holmes.
24Dann
21Baba.
19Dele-Bashiru.
Booked at 45 minutes.
Substituted for Azeezat 65' minutes.
Swift was replaced for Camara at 89 minutes.
23Hoilett.
9Carroll.
Substitutes.
20Araruna Hoffmann.
30 Azeez.
32Camara.
TheCabral Barbosa is 33.
There is a land called Stickland.
39Clarke
47Puscas
Formation 4-2-1-2.
2 Byrne6Jagielka33Davies
7Jzwiak8Bird42Thompson
31Allsop
The book was at 90 minutes.
6Jagielka
Booked at the end of the movie.
3Forsyth was Substituted for Ebosele at 57' minutes.
7Jzwiak
8Bird.
42Thompson
Substituted forMorrisonat 67' minutes.
10Lawrence.
Substituted for Kazim-Richardsat.
Substitutes.
9Baldock
11Morrison
13Kazim-Richards
16Stearman
21Roos
36Ebosele
43Williams
Reading defeated Derby County.
Reading and Derby County played each other in the second half.
The yellow card for a bad foul was shown to Nathan.
Foul by Nathan.
Josh Laurent won a free kick.
Phil Jagielka won a free kick in the defensive half.
Mamadi Camara had a foul.
An attempt was missed. Femi Azeez's headed ball from the right side of the box misses to the left. David Junior Hoilett assisted by David Junior.
Goal! Reading and Derby County both had 2. The ball was headed from the centre of the box to the bottom right corner. Nathan Byrne assisted with a cross.
An attempt was missed. Femi Azeez missed his shot from the right side of the box. Following a fast break, assisted by Mamadi Camara.
There was a substitution, reading. John Swift was replaced by Mamadi Camara.
An attempt was missed. Max Bird's shot from outside the box is wide to the right.
Goal! Reading and Derby County each had one. Colin Kazim-Richards headed the ball from very close range to the centre of the goal. Max Bird assisted by a cross.
Corner in Derby County. Conceded by Scott.
The attempt was blocked. The shot from the right side of the box is blocked by the box. Morrison assisted with a through ball.
The yellow card for a bad foul was shown to Davies.
The person is the person from Derby County.
Josh Laurent won a free kick.
The attempt was blocked. Tom Lawrence's shot from outside the box is blocked.
Corner in Derby County. Conceded by Femi Azeez.
