Shorey's 71st minute strike cancelled out a first-half opener from Walsall striker Jorge Leitao who was on target for the second successive home game and for the fifth time this season.
A point was no more than Reading deserved as they laid siege to the Walsall goal in the second half, had a goal disallowed and had two more efforts cleared off the line.
They were also frustrated by the Walsall goalkeeper James Walker who pulled off a stunning save at the start of the second period to deny Scott Murray.
But all they had to show for their persistence was Shorey's high-class goal. He curled home from 20 yards after Walsall central defender Ian Roper had fouled Murray on the edge of the area.
Despite being unable to hold on to the lead, Walsall still managed to extend their unbeaten run to four games.
Leitao pounced to break the deadlock just two minutes after Reading had squandered a golden chance to score.
Striker Lloyd Owusu, who is on loan from Sheffield Wednesday, capitalised on a mistake by Walsall right-back Darren Bazeley on the edge of the penalty area.
Owusu only had the Walsall goalkeeper Walker to beat, but pulled his 27th minute shot wide.
It proved to be a costly miss as Walsall surged forward to take the lead. Leitao was perfectly placed on the near post to head home a corner from Walsall's former Reading midfielder, Simon Osborn.
The Portuguese forward then came close to doubling his, and Walsall's goal tally, with another towering header after 31 minutes.
This time Leitao rose to meet a left-wing cross from Vinny Samways only to see Royals goalkeeper Marcus Hahnemann spectacularly turn the ball away with his right hand.