Will Keane scored his first professional goal as his second half penalty earned the Owls a point against Cardiff.
Former Wednesday loanee Kenwyne Jones gave the visitors an early advantage but the hosts hit back to claim a deserved share of the spoils.
On an emotional afternoon at Hillsborough, Milan Mandaric addressed the crowd ahead of his imminent departure having agreed a deal to sell the club to Dejphon Chansiri.
The outgoing chairman was visibly moved on the pitch but just seven minutes after taking his seat, Wednesday were a goal down.
New recruit Scott Malone swung a deep cross to the far post and Jones headed across Keiren Westwood and into the net.
It was harsh on Wednesday, though, who had started the game well and responded to the setback in a similar fashion.
Kieran Lee went close from distance, so too did Chris Maguire, as the Owls asked all the questions through the first half.
Cardiff broke sporadically and Eoin Doyle brought a flying save from Westwood three minutes before the interval but by and large, it was the home side in the driving seat but the Welshmen had the lead.
That almost changed straight after the restart when Stevie May went charging in on goal and shot past Simon Moore only to see the ball thump the post.
Wednesday continued to press and only desperate defending from Aron Gunnarsson prevented Keane restoring parity on 54 minutes.
Sam Hutchinson then fired over the bar after finding space in the penalty area before Stuart Gray threw new signing Sergiu Bus on from the bench.
And the Romanian was at the centre of the action as Wednesday won a penalty on 75 minutes.
Bus was pushed to the ground by Malone, the referee pointed to the spot and Keane stepped up to fire home from 12 yards.
That gave Wednesday the impetus to push on for a winner, which they came close to achieving when Jose Semedo’s late shot was deflected just over the crossbar.
Lewis McGugan stung Moore’s hands with the clock ticking down but despite being camped in Cardiff’s half for the last ten minutes, the Owls had to settle for the draw.
Owls: Westwood, Vermijl, Lees, Dielna, Mattock (Bus 63), Hutchinson, Lee (McGugan 76), Maguire (Semedo 46), Helan, May, Keane
Cardiff: Moore, Peltier (Connolly 67), Malone, Ecuele Manga, Whittingham, Jones, Doyle (Revell 64), McAleny (Noone 83), Gunnarsson, O’Keefe, Morrison