The Saddlers, having created all the chances throughout a fine match, finally took the lead in the 76th minute with Tommy Mooney's seventh goal of the season.
The veteran striker, who ran himself into the ground yet again, was on hand to prod the ball home from close range when Mark Bradley headed on a corner by Daniel Fox.
But the game was almost in time added-on when substitute Alan Thompson took a free-kick which somehow deflected off Ian Westlake and left keeper Clayton Ince stranded to give the visitors an equaliser they hardly deserved.
Leeds, who have taken the division by storm after being deducted 15 points, scarcely created a change against the battling young Walsall defence in which Anthony Gerrard was a tower of strength.
Walsall thought they had taken the lead in the ninth minute when a long-range shot by Bradley hit the bar and rebounded to Mooney, who hit the ball into the net, but the linesman's flag was raised for offside.
Scott Dann had a great chance for Walsall in the 29th minute but headed straight at keeper Casper Ankergren following a free-kick by Fox.
Ten minutes later Mooney shot from the edge of the box and Ankergren had to produce a fine save to turn the ball wide.
In the second half Leeds attempted to step up the pace, but created little danger.
After going behind Leeds manager Dennis Wise made a double substitution, with Thompson replacing Radostin Kishishev and Jonny Howson coming on for David Prutton.
With Tore Andre Flo having already replaced the ineffective Leon Constantine in the 69th minute, Wise had played all his big cards, but the visitors didn't really deserve their fortuitous last-ditch goal. A creul deflection earned a point for Wise's men who celebrated knowing they had got out of jail.