Matt Lowton cancelled out Marvin McCoy's opener and Ashley Westwood pegged the hosts back for a second time after Leon Johnson had made it 2-1.
Christian Benteke was not involved after signing a new Villa contract on Friday, but manager Paul Lambert selected a strong side and also handed a start to 17-year-old Jack Grealish.
The teenager came close to making a dream start with an early goal, but it was Wycombe who took the lead against the run of play in the 11th minute when McCoy's cross deceived goalkeeper Brad Guzan and dropped into the far corner.
Lowton drew Villa level on 24 minutes when he directed a header back across Matt Ingram and inside the near post from Leandro Bacuna's delivery.
Wycombe bounced back and restored their advantage eight minutes later as Johnson nodded in from close range after Matt Spring's left-wing corner had been flicked across the goalmouth.
Villa went into the interval trailing 2-1 but equalised again in the 52nd minute as Westwood fired a free-kick into the bottom corner.
Lambert changed his line-up for the final half hour of the game but neither side were able to find a winner.