Both sides played the majority of the match with 10 men after Darren Moss and Kevin Ellison were sent off inside the first 20 minutes, and Martin O'Connor saw red after contesting the penalty retake.
The Shrews had been the first to be reduced in numbers in the 14th minute as former City player Moss received his marching orders after clattering into Ellison on the touch line.
With the temperature raised on the pitch, it only took another five minutes before the numbers were made equal as Ellison received his second yellow card and an early bath following an innocuous foul on Jamie Tolley.
Chester should have taken the lead on 38 minutes when a long-range shot from Andy Harris was parried by Scott Howie into the path of Cortez Belle, but the striker missed the target from only six yards out.
Shrewsbury came out from the interval the brighter of the two sides and their pressure paid off on 62 minutes as Kelvin Langmead struck the ball home after a fine cross from the right by Ryan Lowe.
Liam Burns and Langmead both had late chances to kill the game off and were made to pay with the late penalty award.
With time ebbing away referee Colin Webster awarded a spot kick after Ben Davies was brought down in the box.
Michael Branch's first effort was saved, but was ordered to be retaken, and the striker made no mistake lashing the ball home to secure a point.