The young Blues roared into a 2-0 lead thanks to goals from Calum Dyson and Nathan Broadhead but saw their lead cut in half shortly after half time when Steve Jones pulled one back for the Reds.
Things got worse for Everton when Jack Bainbridge was dismissed for a second bookable offence but David Henen quickly restored the two-goal advantage.
Two goals in as many minutes had the Blues pegged back to 3-3, though, when Ryan Cox netted and a Jones free kick was converted in a goalmouth melee.
Then, after a foul by Michael Donahue earned him his marching orders and reduced Everton to nine men, Cox beat Jindrich Stanek from the spot to make it 4-3 to AFC Liverpool.
1. Jindrach Stanek
2. Ben McLaughlin
3. Spencer Myers
4. Gethin Jones (C) (16. Kieran Dowell 61′)
5. Curtis Langton
6. Jack Bainbridge
7. Michael Donohue
8. Tyrone Duffus
9. Calum Dyson (17. Nathan Holland 67′)
10. Nathan Broadhead
11. David Henen (15. Jamie Mellen 71′)
Unused Subs: 12. Mateusz Hewelt; 14. Jordan Thorniley.
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