Pablo Counago's eighth goal of the season gave Town a point after Steve Watson put Wednesday into the lead early in the second-half.
Former Newcastle favourite Watson headed in Jermaine Johnson's cross on 50 minutes after going close with two first-half efforts.
Counago levelled the scores midway through the half after Lee Grant had kept out Gareth McAuley's header, the Spaniard heading in the rebound.
Jon Stead and John Walters both had chances to win it for Blues and Owen Garvan volleyed over with the last kick of the match as Town were forced to settle for a draw at a freezing Portman Road.
Alex Bruce came in to the Town side at full-back with David Wright out with a hamstring injury, Kevin Lisbie returning to the team after a throat infection kept him out of the FA Cup win over Chesterfield last week.
Danny Haynes replaced the suspended Veliche Shumulikoski and his pace caused Wednesday full-back Tommy Spurr problems throughout the first-half, the Town flyer twice getting behind the Owls' defence inside the first 10 minutes but Richard Wood was in the right place to clear the danger.
Watson slid Franny Jeffers' cross just wide at the other end, Mark Beevers then heading wide from a corner for the visitors.
While Haynes continued to have joy down the right flank, Jon Walters was equally lively down the left, surging past Lewis Buxton but seeing his cross hacked clear by Beevers, then dragging a left foot shot wide of the far post after Counago had sent him clear.
Spurr had his work cut out keeping up with Haynes but the Wednesday full-back was a threat going forward and it took a terrific challenge from McAuley to stop him getting through on goal.
Counago set up David Norris with a subtle pass, the midfielder's shot deflected wide for a corner, McAuley heading Tommy Miller's flag kick wide.
Another terrific pass from Counago released Walters in on goal but he pulled his shot wide, while it took a brave save from Lee Grant to smother the danger after Haynes' pace had left Spurr in his slipstream.
Ivan Campo picked up the only booking of the first-half for delaying a Wednesday free-kick, with Watson having his second clear cut chance just past the half hour, slicing his shot over from Michael Gray's pass.
Richard Wright saved from Johnson after losing a corner but it was Walters who almost gave Town the lead with the last kick of the first-half, Wood in the right place to clear his shot off the line after Lisbie and Counago combined to set him up.
It was Wednesday who took the lead though, Watson not wasting a third chance with a diving header from Johnson's cross leaving Wright with no chance from six yards.
Town lost Campo with what lookeda calf injury just before the hour, Moritz Volz the replacement, Bruce switching inside to partner McAuley.
Grant did well to get down to Haynes' right foot strike after Counago set him up as Town made a second change, Lisbie replaced by Stead on 64 minutes and Blues were level seconds later, Miller's corner headed goalwards by McAuley and although Grant produced a great save, Counago headed in to the net from two yards.
Former Town loanee Jeffers flicked Johnson's cross wide of the nearpost as Brian Laws' side responded, while at the other end Stead flashed a shot over the bar from Counago's pass, then did the same with a volley after Ben Thatcher's cross had fallen to him on the edge of the box.
Garvan replaced Miller for the last 15 minutes in Jim Magilton's final change, the midfielder seeing his free-kick hit the wall as Blues pressed for a winner.
Wednesday replaced Gray with Nathan Modest for the final exchanges but it was Town who looked the more likely to get a winner, Walters and Stead having chances before Garvan volleyed over with the last kick of the game.
Town: R.Wright, Bruce, McAuley, Campo (Volz 58), Thatcher,Haynes, Norris, Miller (Garvan 76), Walters, Lisbie (Stead 64), Counago. Subs not used: Supple, Quinn. Booked: Campo.
Sheff Wed: Grant, Buxton, Wood, Beevers, Spurr, Watson, McAllister, Boden, Gray (Modest 88), Johnson, Jeffers. Subs not used: Lekaj, Jameson, Liversidge, Wragg.
Att: 20, 213




















