Grant McCann's side twice led but the Saddlers equalised on both occasions - the second a killer blow in stoppage time.
Both sides enjoyed early chances to break the deadlock but it was Rovers who did take the lead through a fine goal from Luke Molyneux after 16 minutes. He finished expertly after cutting in from the right following a free-flowing move.
That sent the home fans into raptures but it took less than two minutes for Walsall to burst the bubble. A cross from the right by Oisin McEntee was glanced in thanks to a brilliant header from Taylor Allen. The rest of the first half was like a chess match with both sides cancelling each other out.
That played out in a similar fashion second half with neither side seemingly able to turn the screw. That was until super-sub Billy Sharp popped up six minutes from time to produce a trademark finish.
Rovers thought it was job done but Walsall had other ideas. Jamille Matt's effort was saved brilliantly by Ted Sharman-Lowe but sub Danny Johnson was on hand to head home from barely a yard out to break Rovers' hearts and ensure spoils were shared, perhaps predictably in a promotion race that has all the hallmarks of going to the wire.
Here's how we rated the players tonight:
1. Ted Sharman-Lowe 6
Nothing he could have done about Allen's header. Few moments of real panic thereafter. Carded, perhaps harshly, after being thrown to the floor by a Walsall player second half. Great stop to keep out Matt's effort but powerless about Johnson's tap-in. Photo: Craig Hawkhead/AHPIX LTD
2. Jamie Sterry 7
Booked first half. Continued his fine season as he marauded forward and started plenty of attacks. Positive performance. Photo: Howard Roe/ahpix.com
3. Tom Anderson 7
Kept Jamille Matt at bay and restricted him to precious little, despite the physical presence of the Walsall number nine. Photo: Jonathan Gawthorpe
4. Richard Wood 7
Diligent defensively and more evidence of playing piercing balls which we saw plenty of at the weekend. Racked up a monster amount of clearances for good measure. Photo: Bruce Rollinson