The Owls picked up a third successive point after Oxford denied Darren Moore’s men all three.
Wednesday took the lead with a wonderful Barry Bannan goal only for the U’s to level from the penalty spot through Cameron Brannagan.
Both sides had opportunities to secure victory but two stunning saves – one at either end – ensured a stalemate at the Kassam Stadium.
After the Owls made all the early running, it was Oxford that carved the first real opening from a dangerous set play.
Marcus Browne delivered an inviting ball into the box, where Elliott Moore glanced goalwards but David Stockdale saved well with his legs.
Prior to that, Wednesday had a series of long rangers that had Simon Eastwood under pressure but the keeper came out on top each time.
The tide turned, though, on 35 minutes when the Owls hit the front with a moment of magic from Bannan.
Little seemed on for the skipper as he took possession out wide but he lost his man, cut inside, and unleashed an unstoppable curler that nestled into the far corner.
Taking their advantage into half time, Wednesday looked to put the game out of reach after the break, fashioning three chances inside the opening few minutes.
Eastwood was at the heart of the action, twice denying the lively Mallik Wilks. First, the shot-stopped dived low at his near post to keep out a fierce drive and then produced the save of the match moments later, somehow getting fingertips to Wilks’ flicked header.
Dennis Adeniran nodded into Eastwood’s arms from the resulting corner and there was no doubting Wednesday’s intent.
But Oxford were far from out of contention, as Kyle Joseph demonstrated with a cutting ball across goal that Aden Flint cleared as Gatlin O’Donkor loitered at the far post.
The pendulum swung the way of the hosts, though, as they were awarded a spot-kick on 68 minutes.
Akin Famewo was adjudged to have impeded Browne in the area and Brannagan smashed past Stockdale.
Oxford’s tails were up and the Owls had Stockdale to thank for a brilliant reflex save that thwarted Moore’s bullet header.
A winner might have gone either way as both sides pushed numbers forward but the contest played out mainly in the middle as each cancelled the other out.
Wednesday: Stockdale, Palmer, James, Flint, Famewo, Johnson, Vaulks, Bannan, Adeniran (Iorfa 84), Wilks (Dele-Bashiru 72), Gregory
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