They twice took the lead through Hector Sam and Scott Dann but Bristol Rovers battled back bravely to salvage a point with Steve Elliott their goal scoring hero.
Elliott, who scored his first goal of the season in the previous game against Accrington, has obviously acquired the taste for scoring as he notched the two Rovers goals to deny the Saddlers a home win.
In a hectic finish Rovers, who have only two away wins to their credit this season, went close to snatching the match as Walsall hit the panic button.
Rovers, inspired by Sammy Igoe, were always in contention and regularly posed acute problems for Walsall's defence in which Ian Roper, normally a stalwart, often struggled against the pace of Richard Walker and Stuart Nicholson.
The South West club were decidedly unlucky not to take a first half lead when a left wing cross from Andy Sandell was smashed first time by Dann straight into the arms of his own goalkeeper, Clayton Ince.
Steve Phillips also distinguished himself with several good saves from Sam, Martin Butler and Daniel Fox.
It was Sam who really brought the game to life just 14 seconds into the second half when Craig Hinton headed out a Kris Taylor cross straight to the former Wrexham striker to hammer a first time shot past Phillips.
Any hopes of Walsall consolidating their lead disappeared when they lost the services of skipper Michael Dobson for six minutes with a head injury following a clash with Craig Disley.
In his enforced absence Rovers stepped up the pressure and grabbed the equaliser following a free kick from Igoe which caused mayhem in the heart of Walsall's defence before the ball dropped for Elliott to hammer home his second goal in successive matches.
Walsall, however, bounced back with Dann converting a Fox corner in the 86th minute.
The game appeared to all over bar the shouting but a revitalised Elliott could not be denied as he forced the ball home following a free kick by Stuart Campbell to earn Rovers a well deserved point with a fighting performance.