Walsall continued their improvement and were unlucky not to take all three points as they completed 10 away league games on the trot without a win.
The Saddlers dominated the game for long periods and recovered from conceding an early goal to put pressure on the home side later in the game.
Dennis Lawrence headed Wrexham into the lead from a Darren Ferguson free-kick but both sides had already missed plenty of chances.
Chris Llewellyn set up Chris Armstrong for a glorious chance that the ex-Spurs striker missed with his back to goal.
Llewellyn missed another chance after shooting wide and when he pulled the ball back shortly after Armstrong completely missed it with the goal gaping.
Llewellyn did better for the header that goalkeeper Joe Murphy tipped over for the corner and the Walsall keeper also saved a 25-yard drive from Ferguson.
Walsall came into the game in great style but their finishing was no match for the superb display by manager Paul Merson who sliced the home defence apart with a series of great passes.
He set up Matt Fryatt for an early header that home keeper Matt Baker saved and then Baker saved another shot from Fryatt before turning a Darren Wrack 20-yard drive away for a corner.
Jorge Leitao had a disappointing afternoon typified by his miss from six yards in the dying minutes after more superb play by Merson.
Wrack sent an angled shot past the far post and Gary Birch headed over Merson's free kick before Julian Bennett earned a point with a well-crafted headed goal.