The home team staged the latest of their fightbacks to take the lead in the second half, but that late goal earned the Saddlers a point they just about deserved.
Pools threatened an early goal when top scorer Joel Porter got away on the left, but his cross hit the sidenetting.
And it was Walsall who took the lead on nine minutes, Sofienne Zaaboub crossed high from the left and as the ball landed at his feet, Troy Deeney volleyed a ten-yard shot into the corner of the net.
Hartlepool were struggling to get back into the game and had three players booked in ten minutes as the visitors controlled matters.
But the home team got a helping hand on 36 minutes when Matty Robson crossed low from the left and defender Anthony Gerrard sliced his clearance into the roof of his own net after trapping the ball almost on the goal-line.
After a slow start to the second half, Hartlepool took the lead on 64 minutes, top scorer Porter sliding his shot home after an awful goal-kick from Clayton Ince landed at his feet.
But Walsall levelled with eight minutes left, Alex Nicholls crossing high from the right for sub Sam Williams, on loan from Aston Villa, to head in from close range.
In a nervous finish for both teams, either side could have won it as play swung wildly from one end to the other, but a draw was probably the right result in the end.