Jordan Storey scored his first goal in Wednesday colours to seemingly set his side on the way to victory at Bolton.
But MJ Williams equalised right at the last and the Owls were left to rue what might have been at the University of Bolton Stadium.
Openings were made and chances came but only one was taken, allowing the Trotters to take a share of the spoils.
Both managers predicted a free-flowing contest and were on the mark, albeit with Wednesday in charge for long periods.
Barry Bannan had no less than three efforts from range with barely 10 minutes on the clock and James Trafford was certainly the busier of the two goalkeepers.
But Trafford was powerless midway through the first half when Wednesday almost hit the front.
Jack Hunt capitalised on a defensive error to tee up Nathaniel Mendez-Laing from 12 yards but the shot skewed wide and the chance was gone.
The hosts launched their first attack of purpose moments later and it took a fine fingertip save from Bailey Peacock-Farrell to divert Kieran Sadlier’s fierce drive.
Back came Wednesday and this time Trafford was required to deny Mendez-Laing from an inviting Bannan set piece.
The Owls were given a let-off just before the interval as Bolton, against the run of play, went within a whisker of opening the scoring.
Aaron Morley’s accurate free kick to Will Aimson was asking to be finished on the angle but the latter’s glanced header whistled inches past the post.
Bolton rallied in the second half and saw more of the ball – Dion Charles slammed a sweet hit into the back of the net from close range but an immediate flag was raised.
And the Owls took full advantage to break the deadlock on 64 minutes. Bannan’s corner found Harlee Dean, whose header struck the foot of the post and rolled along the line until Storey stabbed home.
The Trotters were under the cosh as Wednesday looked to make the points safe and Trafford beat out a Marvin Johnson shot, the rebound from which was dragged wide by the loitering Bannan.
Bolton pressed forward in hunt of an equaliser but the Owls never looked in danger of surrendering the lead until the last minute when Williams drilled Sadlier’s corner past Peacock-Farrell to frustrate the 5,000+ travelling army from Sheffield.
Wednesday: Peacock-Farrell, Hunt, Storey, Dean, Hutchinson, Johnson, Luongo, Byers (Berahino 61), Bannan, Mendez-Laing (Paterson 61)