Both captains shook hands at tea on day four at the Gabba with Queensland at 3-137 in their second innings and holding an overall lead of 81.
The loss of two sessions on the opening day due to rain and then more time lost on Wednesday because of bad light meant a result was never likely.
WA posted 330 in their only innings in reply to Queensland's 8(dec)-274.
Only three wickets fell on the final day - Matt Renshaw (six), Labuschagne (24 off 78 balls) and Usman Khawaja (22 off 52 balls).
Joe Burns (62no off 175 balls) and Jack Clayton (7no) guided the Bulls safely to tea before the match was declared a draw.
Labuschagne was dismissed for a duck in the first innings, and he was out five minutes before lunch on Friday when he top-edged Charlie Stobo straight to Sam Fanning with a miscued pull shot.
With the start of the three-Test series against Pakistan less than two weeks away, a long stint in the middle facing the red ball would have been a crucial aid to Labuschagne's preparations.
Although Khawaja also failed to post a notable score in the second innings, he at least faced 215 balls for his unbeaten 102 in the first dig.
WA speedster Jhye Richardson, playing his first Shield match in a year, followed up his first-innings haul of 4-36 with 1-27 off 11 overs.
Star WA allrounder Cameron Green, who scored 96 with the bat, was miserly with 0-6 from eight overs in Queensland's second innings.
The draw lifted WA (28.22 points) back into second spot, behind only Tasmania (29.77).
Queensland (15.12) remain last, with just one win and two draws to show from their opening six matches.
"It was disappointing the first day we got the rain. I think this could have been a really good game if we didn't have that first-day rain," Bulls captain Khawaja said.
"We missed out that day, and then we missed out on 20-odd overs the next night because of light. It kind of dulled the game."
Stand-in WA captain Sam Whiteman was pleased with how his team fought out the match.
"It was amazing to see Jhye Richardson back in WA colours," Whiteman said.Â
"He loves playing at the Gabba, and he was super impressive.
"Disappointing not to get the result this week, but happy with three wins out of six to head into the Big Bash break."
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