Substitute Gareth Taylor crashed home a header in the dying seconds of a barnstorming finish to save Joe Kinnear from defeat in his first game as Nottingham Forest manager.
Walsall spent almost the entire second period camped inside their own half as Forest poured forward and they were forced to settle for a point when Taylor
powered Alan Rogers' cross past James Walker.
A captivating game could have been given a further twist when Eoin Jess missed an open goal with virtually the last kick of the game.
Kinnear wasted no time in signing Andrew Impey on loan from Leicester this week after replacing Paul Hart as Forest boss and he saw an instant impact from
his new acquisition.
The former QPR man swept home a fine cross from Marlon King for his first goal of the season.
But the home fans' celebrations were over almost before they had begun when Gary Wales' cross picked out Jorge Leitao who comfortably beat Darren Ward from six yards.
Marlon King drew a fine save from Walker as Forest rallied - but whatever impetus Kinnear's appointment had brought to the east midlands side seemed to disappear when Jamie Lawrence put Walsall ahead.
The Jamaica international, who had only been on the field for seven minutes after replacing the injured Ian Roper, tucked home his first goal of the season
when Ward could not hold Gary Birch's shot.
And when the excellent Wales curled a delightful right-foot shot past Ward, Forest's winless streak looked destined to stretch to a 15th game.
Kinnear decided against changes at the interval, and his patience was rewarded when King dragged Forest back into the match at 3-2.
Andy Reid - whose form has been the sole bright spark of Forest's dreadful season - floated an inviting centre towards King, who outmuscled Zigor Aranalde
to head past Walker.
Forest found their way through the Walsall defence almost at will inside the
last 10 minutes but were unable to find a way past Walker until Taylor struck to
send the City Ground wild and save a point on Kinnear's bow.
Teams
Nottm Forest: Ward, Louis-Jean, Walker, Thompson, Rogers,
Impey, Reid, Sonner, Williams (Jess 74), King,
Chopra (Taylor 89).
Subs Not Used: Roche, Gunnarsson, Robertson.
Goals: Impey 3, King 56, Taylor 90.
Walsall: Walker, Bazeley, Aranalde, Carbon,
Roper (Lawrence 18), Emblen, Samways, Osborn,
Wales (Matias 89), Birch (Wright 80), Leitao.
Subs Not Used: Petterson, Kris Taylor.
Goals: Leitao 5, Lawrence 24, Wales 39.
Att: 25,012
Ref: G Hegley (Hertfordshire).