Star man Jamie Paterson cut Crawley's lead with a deflected shot in the 89th minute, and in the third minute of stoppage time Will Grigg drove in the equaliser from Andy Taylor's cross for his 19th of the season.
It was devastating for Crawley who looked certain winners when Jamie Proctor gave them a 52nd-minute lead with a rising drive and Paul Hayes added a second from close in on 71 minutes.
But the Saddlers showed their never-say-die attitude to salvage a vital point.
In the first half Paterson was denied by Town keeper Paul Jones while Nicky Adams' curler was headed clear by home skipper Andy Butler.
