An action-packed game at Hillsborough saw the spoils shared after Nottingham Forest struck late on to deny the Owls Under-23s.
Wednesday defender Osaze Urhoghide appeared to have won the game with a late strike but Yassine En-Neyah promptly went up the other end to seal a 3-3 draw.
Forest took a 2-1 lead into half time after Kieran Hayes and Yohan Benalouane scored either side of Owls striker Preslav Borukov’s neat finish.
Conor Grant struck home a penalty for Wednesday to draw level before Urhoghide’s late goal was cancelled out by En-Neyah.
Wednesday were first to show when Fraser Preston’s free kick was smothered by Forest goalkeeper Marios Siampanis.
Liam Waldock was next to come close when he drove a powerful effort just wide of Siampanis’ near post before the away side took the lead.
Alex Mighten displayed some trickery on the left before teeing up Hayes who turned his marker to fire high into the net.
It might have been 2-0 moments later were it not for a strong save from Joe Wildsmith, who palmed a long range effort from Johnson wide.
But Wednesday were rewarded as they went on the attack and equalised. Borukov was played through one on one by Ben Hughes and the Bulgarian made no mistake with a calmly-placed finish.
Just as it seemed the teams would go into the break on terms Forest took their final chance of the half.
A free kick from the left was met by Reds defender Yohan Benalouane whose shot hit the bar before bouncing in.
The tide changed after half time, though, and Wednesday got their breakthrough to restore parity.
Grant was fouled in the box after a driving run and the Irishman dusted himself down to send Siampanis the wrong way from the spot.
Then, with time ticking down, Wednesday scored what they thought was the winning goal.
Preston’s pinpoint free kick was slid home by Urhoghide - but Forest still had one more opportunity that they duly took.
A low cross was met by En-Neyah, whose initial attempt got caught between his feet, but his second was poked home to earn Forest a point.
Wednesday: Wildsmith, Baker, West, Thompson, Bates, Urhoghide, Hughes (O’Brien), Waldock, Borukov, Grant, Preston