Tommy Miller fired Wednesday ahead from the spot in the third minute after Danny Coles was adjudged to have brought down Gary Madine.
But referee Dave Foster evened things up in the 11th minute with a harsh award against Lewis Buxton for his challenge on Wayne Brown and Will Hoskins equalised with a penalty that sneaked past Owls goalkeeper Nicky Weaver's dive.
Knowing that relegation rivals Dagenham and Walsall were both winning, Rovers went for broke in the closing stages, but Weaver saved well from Chris Lines' free-kick and five minutes of stoppage time did not prove sufficient for the home side to snatch victory.
A crowd of more than 8,000, including 1,600 Wednesday fans, had created a terrific atmosphere, but neither side could create many scoring chances.
Weaver saved well from Hoskins in the 76th minute, but in the final analysis Rovers did not create enough chances and a win on the final day will not be enough as Walsall have a far superior goal difference.