The Owls and nine-man Yeovil shared the points from a dramatic affair at Hillsborough on Tuesday.
Dean Bowditch struck first for the visitors before home debutant Gary Madine levelled for Wednesday.
Paul Huntington put the Glovers back in front then saw Luke Ayling and Adam Virgo sent off.
Giles Coke missed a penalty for Wednesday, who got the draw they warranted through Reda Johnson.
Alan Irvine made six changes from the side that lost at Leyton Orient on Saturday and his side made all the early running, forcing a string of corners that Yeovil fielded comfortably enough but the hosts looked far more likely to make the breakthrough first.
But as can so often be the case when one team dominates, the other strikes first- and on this occasion with the aid of a strong deflection.
Bowditch found space down the left on 15 minutes and cut inside the box to shoot but the ball span high off Tommy Spurr and looped over Nicky Weaver into the net.
The Owls kept up the pressure despite that setback and Gary Teale came close to levelling but his low angled drive smashed against the foot of the post after neat work from Madine.
Spurr then found Jermaine Johnson at the back post but the Jamaican could only find the side netting - before the Owls deservedly drew level on 36 minutes.
Spurr was again the architect, sending over a looping cross that Madine bravely converted with a firm header past Stephen Henderson.
The equaliser stung Yeovil into life and Andy Williams missed a glorious chance from six yards to put the visitors back in front five minutes before half time.
But Yeovil did go back into the lead on 56 minutes. Andy Welsh swung a corner right into the danger zone and Huntington was on hand to bury a bullet header into the back of the net.
Wednesday enjoyed most of the possession as the second half unfolded and were handed a boost when Yeovil were reduced to ten men just after the hour.
Teale rounded one man down the left but was upended by Ayling, who saw yellow for the second time in the game and was duly dismissed.
Things got even worse for the West Country outfit on 68 minutes when they were reduced to nine men in an incident that should have seen the Owls back on terms.
Substitute Virgo - on the field for only two minutes - saw red for pushing Madine just as the striker was about to pull the trigger from close range.
Coke dispatched confidently from the resulting penalty but referee Trevor Kettle ordered a retake for encroachment - and Coke skied his second attempt over the crossbar.
It was all Wednesday in the closing stages and Darren Potter saw a long ranger whistle wide before Henderson thwarted Neil Mellor with an instinct save.
Then five minutes before the end, Reda Johnson salvaged a point for Wednesday as the big man applied the finishing touch when Henderson failed to hang on to Mellor's close range shot.
Owls: Weaver, Spurr, Morrison (Sedgwick 88), Johnson, Reynolds (C Morrison 75), Johnson, Potter, Coke, Teale (Heffernan 66), Mellor, Madine
Unused substitutes: Jameson, Beevers, Jones, O'Connor
Yeovil: Henderson, Huntington, Smith, A Williams, Ayling, Bowditch (Virgo 66), Welsh, Ehmer, Upson (Russell 90), Johnson (S Williams 75), Wotton
Unused substitutes: Martin, Calver, Gibson, Baggridge