Fallon, who last week penned a deal with the Scottish Premier League team, came on as a 70th-minute substitute with Aberdeen trailing 3-2 at home and struck an equaliser from the penalty spot in the third minute of stoppage time to send the third round match into extra time.
Despite having 25 shots to seven across the match, Aberdeen could not break the deadlock, and Fallon went from hero to zero in the penalty shootout when, up first for the hosts, he had his shot saved by Mark Ridgers.
East Fife, who are currently last in the second division, went on to win the shootout 4-3.
Fallon, 29, was a free agent before putting pen to paper with Aberdeen but recently completed a one-month stint at English League One side Yeovil Town.
Prior to that, he spent four years at Plymouth Argyle and becomes the fourth former Pilgrim to move to Pittodrie in recent times, following Yoann Folly, Chris Clark and Kari Arnason.
He spent part of the previous campaign on loan at Ipswich Town, where he played alongside All Whites team mate Tommy Smith, and has also had spells at Barnsley, Swindon Town and Swansea City.
He wrote himself into the folklore of New Zealand football by scoring the only goal in the second leg of the country’s World Cup qualifier against Bahrain to send the All Whites to the FIFA World Cup in South Africa, their first appearance at the finals in 28 years.
Fallon has mixed fortunes from spot
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