Kevin Gameiro grabbed a stoppage-time equaliser for Valencia after Denis Cheryshev had reduced the deficit with 20 minutes remaining, leaving the tie in the balance heading into the second leg at the Mestalla stadium on February 28.
Second-half headers from Diego Godin and Raul Garcia gave holders Atletico Madrid a 2-0 win over Valencia and a place in the King's Cup quarter-finals by 3-1 on aggregate.