Well-taken goals from young stars Jermaine Johnson and Chris Brunt saw Wednesday and Oldham share the spoils at Hillsborough.
Jamaican star Johnson earned Oldham a breakaway point when he latched on to a long ball in the 75th minute to beat David Lucas for his second goal of the season.
Five minutes earlier Brunt had put the home side in front when he curled a 20-yard shot around Leslie Pogliacomi.
Owls boss Chris Turner was forced to make two changes to his starting line-up. Defender Guy Branston sat out the first game of a three-match ban following his dismissal in the 4-2 defeat to Tranmere on Friday night, while captain and summer signing Chris Marsden was absent due to family commitments.
Brian Talbot made one change recalling Rodney Jack in place of Chris Killen who, despite scoring in the 3-0 win against Milton Keynes Dons on Saturday, was rested after aggravating a hamstring injury.
Oldham started the brighter through the pace of Jack but it was Wednesday who fashioned the best chance early on, when stand-in captain Lee Bullen headed over.
Johnson's pace exposed Wednesday's defence in the 23rd minute and his deep cross was almost converted by Jack whose effort was saved on the line by Lucas.
Oldham almost broke the deadlock five minutes before the break when Danny Boshell's angled shot deflected off Richard Wood and the post.
Latics skipper Dean Holden then blazed a volley over the bar from eight yards following a clever training ground free-kick.
Turner brought Brunt on at half-time and the teenager's instinctive volley almost put Wednesday ahead in the 57th minute but his effort just went past the post.
After Brunt and Johnson had traded goals both teams had chances to win the game in the closing stages but the match ended all-square.