Michael Standing produced his best performance of the season and was deservedly on the mark with his first goal for Walsall to level up an early effort from Wednesday's Glenn Whelan.
It was an indifferent first half, yet both goals came within that period.
After Spaniard Zigor Aranalde had headed wide for Walsall from Standing's corner, Wednesday hit back to take a 16th minute lead.
Walsall's young defender, Julian Bennett, failed to make a clearance, enabling Steven MacLean to take possession and put in an effort which Walsall goalkeeper Mark Paston couldn't hold. Whelan was on hand to tap the ball into the net.
In the 35th minute Walsall defender Neil Emblen came on for the injured Kofi Dakinah and soon had a big influence on the game.
Four minutes later Aranalde put over a dangerous free-kick which Emblen headed down for Standing to scramble home through the legs of David Lucas.
Minutes before half-time the impressive Whelan met a free-kick from Paul Smith but his fierce shot hit the bar.
It was a more eventful second half with both sides settling to play better football.
The Owls might have scored when a header from substitute Guylain Ndumbu-Nsungu forced Paston to make a fine save in the 72nd minute.
At the other end just three minutes later it was the turn of Lucas to brilliantly keep out a close-range shot from Darren Wrack.
Paston was in action again in the 78th minute with another good save from the ever lively Whelan, but the best chance of the match fell to Ndumbu-Nsungu moments later, only for the substitute to send a poor header off target from Whelan's cross.
It was a match which for long periods proved mediocre particularly in the first half, and both sides will need to produce more spark if they are to challenge at the top of the table.
However, Walsall maintained their unbeaten home record while Wednesday have lost only once on their travels.