Wrexham are fighting an uphill battle to avoid the drop after being deducted 10 points for going into administration.
They should really have secured only their third win in eight games after skipper Darren Ferguson and Chris Llewellyn twice gave them the lead. But Walsall, who shared seven goals with Huddersfield Town at Bescot last weekend, showed their battling qualities to salvage a point thanks to goals from Darren Wrack and Jorge Leitao.
All four strikes came in the opening 41 minutes of the match and it was a major surprise that a game between two sides who have conceded more than 100 goals between them this season failed to produce another goal.
Ferguson began the latest goal avalanche at Bescot with a 12th minute strike that would not have been out of place at Old Trafford where he began his career.
He unleashed an unstoppable drive from fully 25 yards after pouncing on a misplaced header from Walsall midfielder Darren Wrack.
Wrexham were only able to hold on to their advantage for eight minutes as Walsall forced themselves back on to level terms when Darren Wrack's angled shot, from a pass by Leitao, beat Ben Foster.
But Wrexham quickly regained the initiative through a classy strike from Llewellyn just 120 seconds after Wrack had dragged Walsall level.
Llewellyn raced on to a pass from Mark Jones before lifting his shot over the advancing Walsall goalkeeper Joe Murphy.
Any hopes Wrexham had that the second goal would be decisive disappeared four minutes before half time when they were undone by a right-wing cross from Mark Wright.
Wright's centre was met perfectly by Leitao who powered a header past the stranded Wrexham goalkeeper Ben Foster.
Walsall player-boss Paul Merson squandered the best chance to win the game when he somehow lifted the ball over the bar from just six yards after being picked out by a flick from Andrew Surman five minutes from time.