Jimmy Ryan salvaged a point for Scunthorpe in the final minute of stoppage time at Walsall.
Richard Taundry's free-kick was headed in by Adam Chambers to give the Saddlers the lead.
Garry Thompson equalised from close range for the Iron before Will Grigg edged the hosts back in front with a superb back-post volley.
The visitors were not be denied though and Ryan's low strike from Mark Duffy's pass got them the point they deserved.
VIEWS FROM THE DRESSING ROOM
Scunthorpe United manager Alan Knill told BBC Radio Humberside:
"That's probably one of the most one sided games I've ever been involved in.
"I think it was two points lost but I'm saying the same thing every week.
"Until we start winning we won't be judged as a good team."