The Gunners demolished the Dutch champions 7-1 in the Netherlands last week, making the second leg at the Emirates a formality. Arsenal, with seven changes from Sunday's 1-1 draw at Manchester United, were quickly out of the blocks, scoring in the sixth minute through Oleksandr Zinchenko.
Croatian veteran Ivan Perisic pulled PSV level on the night with a thunderous finish past the sprawling David Raya but midfielder Declan Rice headed Arsenal back in front. PSV, seeking to salvage pride after last week's humiliation, equalised with 20 minutes to go with a fine goal from Couhaib Driouech.
Arsenal found out their opponents and will play against Real Madrid. The Gunners have never won the Champions League and have not won a European trophy since the now-defunct 1994 Cup Winners' Cup.