The hosts shot themselves in the foot early on thanks to Keith Lowe's own goal before they responded superbly to level through Shaun Harrad's spot-kick.
Wycombe were gifted the lead in the third minute when Cheltenham centre-back Lowe slammed Joel Grant's low cross into his own net.
But the Robins deservedly drew level seven minutes before half-time when Stuart Lewis bundled over Marlon Pack; allowing Harrad to blast in the resulting penalty.
They had a chance to go into half-time ahead too when Darren Carter volleyed across goal, but Lowe could not keep his shot down.
Both sides struggled to create clear chances in the second half as Jermaine McGlashan, Harrad and Pack all fired speculative efforts off target for the visitors while substitute Jeff Goulding was denied by a superb save by Wycombe goalkeeper Nikki Bull.