The London-born Nigerian starlet started and was on for 82 minutes of play before making way for Joe Willock.
Saka came close to doubling the lead for the Gunners in the 69th minute when he cut past Georginio Wijnaldum before seeing his shot deflect just behind for a corner.
Pierre-Emerick Aubameyang had opened the scoring for the North London club 12 minutes in when he cut in from the left before arrowing a sensational finish past Allison after receiving a pass from Saka.
Takumi Minamino equalised for the Reds in the 73rd minute when he slammed home after the ball broke to him in the area.
However, while all of Arsenal's players kept their nerves in the shootout which ensued, Rhian Brewster hit the woodwork.
Liverpool start their league season against Leeds United, with Arsenal also face a promoted club in Fulham.
Emmanuel Chinaza
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