On 15 minutes visiting QPR made the most of their early possession when they grabbed the lead.
Rowan Vine, who was a constant menace down the left, showed a tremendous turn of pace and pulled back a super low cross and Damien Delaney met it with a first-time shot inside Lee Grant's post.
Wednesday failed to find an answer to Vine's impressive work and he did superbly again after 21 minutes by producing another dangerous cross that Dexter Blackstock blazed over.
Only the woodwork saved Wednesday as QPR looked certain to stretch their lead when Patrick Agyemang spun cleverly and flicked a right-foot shot past keeper Grant but hit the foot of the post.
Yet another Vine break had the home side back pedalling and he slotted another pinpoint ball into the area but Ageymang's first timer was high over the bar.
Five minutes before half-time Wednesday manager Brian Laws made a double substitution as the frustrated fans turned on their side and Enoch Showunmi in particular.
And seconds before half-time Wednesday were level thanks to a superbly worked goal from Graham Kavanagh.
Franck Songo'o, making his debut on loan from Portsmouth, flicked a super ball over the static defence and Kavanagh ran through to head past Lee Camp from ten yards.
Three minutes after the restart only a super reaction save from Grant stopped Rangers regaining the lead when Blackstock smashed a close-range shot after more great work from Vine.
Wednesday took the lead after 52 minutes through a Deon Burton penalty.
Lee Camp brought down Sean McAllister as the substitute latched onto a loose ball from Marcus Tudgay's challenge and Burton claimed his sixth of the season from the spot.
In the dying seconds Rangers substitute Hogan Ephraim was red carded for a reckless challenge on Songo'o.