Martin Rowlands' 72nd-minute penalty rescued a potentially vital point for struggling QPR in their battle to stay in the Coca-Cola Championship.
Rangers, who missed several first-half chances, looked to be heading for an eighth home defeat of the campaign when Chris Brunt put Sheffield Wednesday in front 11 minutes after the interval.
But Rowlands kept his calm to earn his side a draw from the spot after substitute Marc Nygaard had been fouled by Richard Wood.
Rangers handed a debut to Spanish playmaker Inigo Idiakez, while Wednesday made just one change, forward Marcus Tudgay returning from suspension to replace the injured Jermaine Johnson.
Rangers began the day above the relegation zone on goal difference alone, but they started this match brightly.
In the fourth minute, former Rangers loanee Frank Simek's slip on the Wednesday right let in Lee Cook, whose cross was steered goalwards by Dexter Blackstock but tipped over superbly by Iain Turner.
Rangers came even closer five minutes later when Cook - in front of the watching Charlton boss Alan Pardew and West Ham chief Alan Curbishley - collected the ball 35 yards from goal and struck a shot that beat Turner but bounced back off the crossbar.
Rangers were causing their visitors plenty of problems down the flanks, but their next clear opportunity came in the 24th minute when Idiakez's free-kick from 30 yards was pushed around the post by Turner.
Moments later, Paul Furlong shot inches wide of the left post from 10 yards after finding space inside the penalty area.
Shortly before the break, Turner kept out another free-kick from Idiakez and Wednesday scrambled the loose ball clear.
Rangers could not rediscover their verve early in the second half, and they suffered a huge blow in the 56th minute when Wednesday took the lead with their first genuine chance of the match.
Simek's long throw from the right was flicked on by Tudgay, and Brunt took advantage of appalling marking to fire past Lee Camp from six yards.
Brunt could have scored a second seven minutes later when he was again left unmarked, but he blasted over from 10 yards to give Rangers hope.
But their luck was out once again when Nygaard saw a close-range effort cleared off the line by Tommy Spurr.
A minute later, however, Nygaard was pulled back inside the area by Wood, and Rowlands squeezed the penalty past Turner's right hand for a 72nd-minute equaliser.
Rangers, backed by a noisy home crowd, tried to build a head of steam, but they were indebted to Camp 13 minutes from time for his fine reflex save to deny Brunt from 10 yards, while at the other end Rangers could not believe their luck after Cook tricked his way into the Owls' box but could not pick out a team-mate.
In the second minute of stoppage time, Furlong almost scrambled in the winner from three yards.
Teams
QPR Camp, Bignot, Cullip, Bolder, Rowlands, Cook, Stewart,Idiakez (Ainsworth 68), Furlong, Blackstock (Nygaard 60),Mancienne.
Subs Not Used: Royce, Kanyuka, Smith.
Booked: Rowlands, Bolder, Cook.
Goals: Rowlands 72 pen.
Sheff Wed Turner, Bullen, Simek, Wood, Spurr, Whelan,Watson (Lunt 27), Brunt, Tudgay, MacLean (Graham 81), Burton.
Subs Not Used: Adamson, Gilbert, Lekej.
Booked: Watson, Wood, Simek, Spurr.
Goals: Brunt 56.
Att: 15,188
Ref: K Woolmer (Northamptonshire).