Lee Bullen and deadline day signing Graham Barrett scored for the Owls to preserve their run of only one defeat in 2005.
Torquay took a deserved 2-0 lead through Ade Akinfenwa and Steve Woods, but the failure to hold on to the lead leaves them fourth bottom, three points adrift of safety.
Leroy Rosenior's strugglers made the brighter start. Tony Bedeau got to the by-line and whipped in a cross which Aaron Brown volleyed over.
A minute later Wednesday answered with a chance of their own.
Paul Heckingbottom raced down the left and crossed for Barrett, who joined on loan from Coventry on Thursday, whose header was off-target.
Richard Wood then saw his header from Barrett's flick saved by the feet of Andy Marriott.
Akinfenwa missed a golden chance on 16 minutes lobbing the ball just wide of the post after being played through by Bedeau.
It was no surprise when Torquay took the lead on 25 minutes, Akinfenwa connecting with Bedeau's enticing right-wing cross.
It got better for the Gulls three minutes into the second half. Alex Russell curled a free-kick to the back post and the unmarked Woods could not miss with an easy header.
Wednesday pulled a goal back on 54 minutes when Bullen slammed Matt Hamshaw's cross into the roof of the net.
Within six minutes the Owls were level. Hamshaw's corner was headed back across goal by Wood and Barrett headed past Marriott.
On 65 minutes Wednesday nearly took the lead with the move of the match, but Lee Peacock fired over after good work from Barrett and Alex Bruce.
Craig Taylor then cleared off the line from James Quinn as Torquay held on for a point.