High-flying Walsall arrived in Shropshire sitting pretty at the top of League Two and after dominating the early exchanges, deservedly took a fifth-minute through Tony Bedeau.
Shrewsbury hit-back to level just before the half-hour with a Neil Sorvel goal and despite chances aplenty and numerous near things throughout the remainder of the game, there was to be no further scoring.
Walsall, quickly into their stride, soon made the breakthrough and when Martin Butler curled a centre to the far post, Bedeau was on hand to nudge the ball home with Shrewsbury goalkeeper Chris MacKenzie left stranded.
But once Shrewsbury found some rhythm and composure they forced the visitors onto the defensive and after close calls involving midfielders Stewart Drummond and Dave Edwards, found themselves back on terms in the 28th minute.
Good work from Edwards and the ever-lively Derek Asamoah created the opportunity for Sorvel, who netted with a fine angled drive from 12 yards.
The pace of Asamoah and Ben Davies gave the Saddlers rearguard a constant headache and the two teamed up for an opportunity that Davies was unable to convert from the edge of the box just before the break.
And during the early stages of the second half Edwards and Asamoah both went close to securing Shrewsbury the lead.
As the second half of this hugely entertaining contest unfolded, Shrewsbury keeper MacKenzie had to be alert to thwart Michael Dobson and Daniel Fox, while in the Walsall goal, Clayton Ince distinguished himself with a diving save to deny a Kelvin Langmead header.
Right at the death Walsall substitute Craig Pead crashed a 20-yard piledriver against the Shrewsbury crossbar, but in truth neither side deserved to lose this memorable contest.