Veteran Viv Anderson kept Wednesday's unbeaten record intact on an otherwise miserable afternoon for his side.
A dreadful back-pass by Nigel Worthington had let in Don Hutchison for Liverpool in the opening half.
Peter Shirtliff was stretchered off with a broken arm. And, 12 minutes later, Wednesday were down to ten men after Worthington was sent-off for a professional foul.
But 36-year-old Anderson finally gave home supporters something to cheer by heading home an equaliser to stretch Wednesday's unbeaten run to 16 games.
They had been chasing their ninth straight win, which would have set a post war record, and had all the early pressure with John Sheridan going close with a free kick and Mark Bright shooting inches wide in the 16th minute.
Liverpool, who sensationally dropped Ian Rush, swept into the lead in the 20th minute when Worthington tapped a weak back-pass to Chris Woods and Hutchison pounced - taking the ball round the stranded 'keeper and slotting the ball over the line.
Stand-in striker Paul Warhurst, who had scored in his last seven games, almost made it eight on the trot in the 32nd minute - rifling a fierce shot which 'keeper David James parried but could not hold and the ball was finally cleared by the hard-pressed Liverpool defence.
Steve McManaman set up a chance for Mark Walters minutes after the restart with a curling cross from the left but the ex-Glasgow Rangers striker volleyed across the face of the goal.
Shirtliff was stretchered off after falling awkwardly as he tackled John Barnes while Worthington went for a professional foul on Hutchison.
Liverpool manager Graeme Souness refused to comment about his decision to drop Rush. Souness parried questions about the controversial axing of the Welsh striker and would only comment: "This is a game we should have won. We had more chances today than we have had in our last four matches. A 1-1 draw is a bad result for us under the circumstances."
Wednesday boss Trevor Francis revealed that point-saver Anderson had responded to orders when he came on as a substitute. "The only thing I said to Viv when he went on was 'get us a goal from a corner', and he did just that," said Francis. "He has done it regularly for us from corners and free-kicks. He is very difficult to mark. I was pleased with the draw, I would say that it was probably the best draw I've had as a manager. In the last three or four minutes we were on the ropes but Chris Woods made one or two excellent saves."
Copyright - British Soccer Week
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Axed Rush slams back with anger from "The Daily Express"
Ian Rush hit back at Graeme Souness after being dropped by the Liverpool manager.
"Of course it hurts," said Liverpool's top goalscorer, who had found the target just twice in his last 11 appearances.
What upset Rush most was that news of a big-name axing was released by Souness on the eve of the match.
"The manager spoke through the Press to me," he said. "It would have been better if I'd been told personally. But I won't be going to see him about it. I'm just interested in my own football and I've got to work hard. I had a good idea I wasn't playing, but the manager never spoke to me. I feel I'm good enough to play for Liverpool, even though I know I haven't been playing my best. I have to try that bit harder to get back into the team."