In the opposing dug-out, QPR caretaker manager Mick Harford saw his side start brightly as Taarabt's fierce effort required an instinctive block from Adam.
But Adam, a £500,000 summer signing from Rangers, showed his predatory skills at the other end shortly after as he rifled the ball high past Carl Ikeme.
Stephen Crainey intervened at the last minute to deny the inventive Taarabt, but the home side were enjoying the best of the game and should have been further ahead before the break.
Ormerod and defender Ian Evatt were both made to pay for wasteful misses, as referee Trevor Kettle ruled that Eardley had smothered a Taarabt shot with his arm.
Taarabt slotted home from 12 yards but Taylor-Fletcher latched onto Southern's cross to edge his side back in front.
The visitors' tenacity was rewarded, though, as Connolly sent a sweet left-foot volley flying into the top corner.
Blackpool boss Ian Holloway: "We got a point but I felt we deserved three of them. However, to look at the game objectively, Rangers are a good side with a lot of talent.
"It just shows what a long way we have come. When I arrived here we were the bookies' favourite to go down.
"I thought the penalty was a bit harsh and I have had a bit of banter with the ref about it but after what happened at our last home game, when I got sent to the stand, I decided to control myself."
QPR caretaker manager Mick Harford: "This is a difficult place to come to. Blackpool started really well and controlled the game in the first half.
"But we had a chat at half-time and we started to create some excellent opportunities.
"What this club needs now, after a difficult time, is a period of stability.
"The board has asked me to take charge of the first team and I shall continue to do that."
90:00+4:11 The referee blows for the end of the match.
90:00+3:58 Centre by Neal Eardley, Damion Stewart manages to make a clearance.
90:00+3:16 Stephen Crainey restarts play with the free kick.
90:00+3:16 Booking Wayne Routledge is booked.
90:00+2:41 Unfair challenge on Ian Evatt by Wayne Routledge results in a free kick.
90:00+2:09 The ball is sent over by Charlie Adam.
90:00+1:04 Charlie Adam produces a left-footed shot from outside the penalty box and misses right.
90:00+0:27 A cross is delivered by Antonio German.
89:04 Substitution Jason Euell comes on in place of David Vaughan.
88:39 Substitution Gary Taylor-Fletcher goes off and Daniel Nardiello comes on.
88:28 David Vaughan produces a right-footed shot from just outside the penalty box that goes wide left of the target.
87:20 Foul by Stephen Crainey on Wayne Routledge, free kick awarded. Hogan Ephraim crosses the ball from the free kick right-footed from right wing, clearance by Keith Southern.
87:07 The ball is crossed by Neal Eardley, save by Carl Ikeme.
85:29 Kaspars Gorkss concedes a free kick for a foul on Charlie Adam. Charlie Adam produces a shot on goal direct from the free kick.
85:17 The ball is crossed by Neal Eardley, clearance by Kaspars Gorkss.
85:10 Stephen Crainey produces a cross, Matthew Connolly manages to make a clearance.
85:01 Brett Ormerod sends in a cross.
83:27 GOAL - Matthew Connolly:Blackpool 2 - 2 QPR Matthew Connolly gets on the score sheet with a goal from just outside the box to the top right corner of the goal. Blackpool 2-2 QPR.
81:17 Mikele Leigertwood challenges David Vaughan unfairly and gives away a free kick. Paul Rachubka restarts play with the free kick.
80:46 Substitution (QPR) makes a substitution, with Antonio German coming on for Alejandro Faurlin.
80:34 The official flags Gary Taylor-Fletcher offside. Carl Ikeme takes the free kick.
80:00 Wayne Routledge produces a cross, Paul Rachubka makes a save.
78:31 Substitution Peter Ramage replaces Fitz Hall.
76:47 Keith Southern takes a shot.
76:34 Keith Southern provided the assist for the goal.
76:34 GOAL - Gary Taylor-Fletcher:Blackpool 2 - 1 QPR Gary Taylor-Fletcher scores a goal from close range to the bottom left corner of the goal. Blackpool 2-1 QPR.
76:23 David Vaughan crosses the ball, clearance by Kaspars Gorkss.
75:57 The ball is sent over by Ian Evatt, save by Carl Ikeme.
74:41 Centre by Stephen Crainey.
73:55 A cross is delivered by Brett Ormerod.
73:03 A cross is delivered by David Vaughan, Alejandro Faurlin makes a clearance.
72:14 Free kick awarded for an unfair challenge on Damion Stewart by Ben Burgess. Direct free kick taken by Fitz Hall.
71:05 Fitz Hall gives away a free kick for an unfair challenge on Ben Burgess. Charlie Adam crosses the ball from the free kick left-footed from left wing.
69:40 The ball is swung over by David Vaughan.
68:25 David Vaughan takes a inswinging corner from the right by-line to the near post, Patrick Agyemang makes a clearance.
68:06 The ball is sent over by Neal Eardley, blocked by Alejandro Faurlin.
67:36 Corner taken short by David Vaughan.
66:41 Brett Ormerod fouled by Fitz Hall, the ref awards a free kick. The free kick is delivered right-footed by Neal Eardley from left channel, Matthew Connolly makes a clearance.
64:45 Hogan Ephraim produces a right-footed shot from just outside the penalty box that misses to the left of the goal.
63:19 Inswinging corner taken from the left by-line by Wayne Routledge, Close range header by Patrick Agyemang goes over the crossbar.
63:08 A cross is delivered by Hogan Ephraim, clearance by Alex Baptiste.
62:34 Effort from outside the area by Neal Eardley goes wide right of the goal.
61:31 The referee blows for offside. Free kick taken by Carl Ikeme.
59:03 Strike comes in from Charlie Adam from the free kick, save by Carl Ikeme.
59:03 Substitution Ben Burgess replaces Barry Bannan.
59:03 Gary Taylor-Fletcher fouled by Kaspars Gorkss, the ref awards a free kick.
58:44 A cross is delivered by Hogan Ephraim, save by Paul Rachubka.
55:17 Outswinging corner taken right-footed by Neal Eardley from the right by-line, Header from deep inside the area by Barry Bannan goes over the bar.
55:09 David Vaughan crosses the ball, clearance made by Hogan Ephraim.
54:05 GOAL - Adel Taarabt:Blackpool 1 - 1 QPR Penalty taken right-footed by Adel Taarabt and scored. Blackpool 1-1 QPR.
53:42 Neal Eardley is penalised for a handball.
50:03 Corner taken by Barry Bannan from the right by-line. Charlie Adam has an effort at goal from the edge of the area that misses to the right of the target.
49:13 Corner taken left-footed by Barry Bannan from the left by-line, Alex Baptiste takes a shot. Matthew Connolly gets a block in.
49:05 Charlie Adam produces a cross, Damion Stewart makes a clearance.
48:31 Corner taken right-footed by Wayne Routledge.
48:13 A cross is delivered by Mikele Leigertwood, Stephen Crainey gets a block in.
47:51 Adel Taarabt has an effort at goal from just inside the area that bounces off the post.
46:18 Brett Ormerod delivers the ball, clearance by Matthew Connolly.
45:01 The second half begins.
45:01 Substitution Hogan Ephraim on for Akos Buzsaky.
Half Time
45:00+2:00 The referee calls an end to the first half.
45:00+1:10 Shot from outside the penalty box by Brett Ormerod goes wide right of the goal.
44:31 Free kick awarded for a foul by David Vaughan on Adel Taarabt. Direct free kick taken by Akos Buzsaky.
43:35 Akos Buzsaky takes a shot. Blocked by Barry Bannan.
43:01 Stephen Crainey concedes a free kick for a foul on Wayne Routledge. Akos Buzsaky crosses the ball in from the free kick, Keith Southern makes a clearance.
42:25 A cross is delivered by Neal Eardley.
40:59 Adel Taarabt produces a cross, clearance made by Stephen Crainey.
39:51 The free kick is delivered right-footed by Akos Buzsaky from left channel, Alex Baptiste makes a clearance.
39:51 Booking The referee cautions Charlie Adam for unsporting behaviour.
39:38 Unfair challenge on Adel Taarabt by Charlie Adam results in a free kick.
38:30 The ball is delivered by David Vaughan, save by Carl Ikeme.
36:10 Outswinging corner taken from the left by-line by Barry Bannan, Headed effort on goal by Ian Evatt from inside the penalty box misses to the right of the target.
35:26 Wayne Routledge sends in a cross, Barry Bannan makes a clearance.
35:08 Centre by Barry Bannan, Fitz Hall manages to make a clearance.
34:31 The ball is sent over by Fitz Hall.
Correction - 33:40 Adel Taarabt takes a shot. Stephen Crainey gets a block in.
33:40 Adel Taarabt takes a shot. Blocked by Damion Stewart.
31:43 Neal Eardley challenges Alejandro Faurlin unfairly and gives away a free kick. Damion Stewart takes the direct free kick.
29:31 Pass corner from right by-line taken by Alejandro Faurlin to short.
28:25 The ball is sent over by Brett Ormerod, Kaspars Gorkss manages to make a clearance.
27:13 Adel Taarabt concedes a free kick for a foul on Barry Bannan. Free kick taken by Neal Eardley.
26:22 The assistant referee signals for offside against Adel Taarabt. Indirect free kick taken by Paul Rachubka.
25:02 Inswinging corner taken by Akos Buzsaky from the right by-line, Ian Evatt manages to make a clearance. Corner taken right-footed by Wayne Routledge from the left by-line to the near post, clearance by Keith Southern.
23:29 Matthew Connolly concedes a free kick for a foul on Barry Bannan. Neal Eardley restarts play with the free kick.
21:49 Shot from just outside the box by Keith Southern misses to the right of the goal.
20:58 The official flags Patrick Agyemang offside. Charlie Adam takes the free kick.
20:21 Alejandro Faurlin challenges Keith Southern unfairly and gives away a free kick. Free kick taken by Charlie Adam.
19:14 Barry Bannan crosses the ball.
18:03 Corner taken by Barry Bannan.
16:15 Free kick awarded for an unfair challenge on Brett Ormerod by Mikele Leigertwood. The free kick is swung in left-footed by Charlie Adam.
15:10 Free kick awarded for a foul by Patrick Agyemang on Ian Evatt. Free kick taken by Paul Rachubka.
14:23 The referee blows for offside. Paul Rachubka takes the indirect free kick.
13:35 The ball is crossed by Brett Ormerod.
12:46 Gary Taylor-Fletcher has an effort at goal from just inside the box that misses to the left of the goal.
10:56 Adel Taarabt has shot on goal from just outside the box which goes wide of the right-hand upright.
10:25 Gary Taylor-Fletcher produces a cross, Effort from the edge of the area by Brett Ormerod goes wide of the right-hand upright.
10:03 Adel Taarabt has an effort at goal from just inside the box that misses to the right of the goal.
8:40 Assist by Brett Ormerod.
8:40 GOAL - Charlie Adam:Blackpool 1 - 0 QPR Charlie Adam finds the net with a goal from close in high into the middle of the goal. Blackpool 1-0 QPR.
8:18 Brett Ormerod delivers the ball,
7:52 The ball is sent over by Neal Eardley, Mikele Leigertwood manages to make a clearance.
7:21 The offside flag is raised against Patrick Agyemang. Neal Eardley takes the free kick.
6:33 The ball is delivered by Neal Eardley.
5:47 Barry Bannan takes a shot. Save by Carl Ikeme.
5:19 Neal Eardley delivers the ball, blocked by Kaspars Gorkss.
4:07 Adel Taarabt takes a shot. Blocked by Charlie Adam.
3:47 Free kick awarded for a foul by Neal Eardley on Adel Taarabt. Free kick taken by Akos Buzsaky.
2:10 Patrick Agyemang gives away a free kick for an unfair challenge on Neal Eardley. Alex Baptiste takes the free kick.
1:32 Neal Eardley crosses the ball, Carl Ikeme makes a save.
0:00 The referee gets the match started.
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