A fluke Tom Williams goal had Walsall on course for three points but Jason Lowe levelled in spectacular style just two minutes from time.
Oldham thought they had an early lead but Warren Feeney's follow-up shot was disallowed for offside after his initial header hit the crossbar.
Walsall should have scored after half-an-hour but Oldham keeper Dean Brill reacted superbly in a one-against-one with Will Grigg. Julian Gray wasted another good chance for Walsall and Oliver Lancashire headed inches wide early in the second half.
Oldham almost snatched the lead as Aidan White drew a fine save from Jimmy Walker, but Walsall struck after 58 minutes when Williams curled in a right-wing free-kick which eluded every Oldham defender and bounced inside the far post.
Referee Darren Drysdale then angered the home side by showing a straight red card to Filipe Morais for his tackle from behind on Jordan Cook. But Lowe gave Oldham a deserved point when he drove an unstoppable shot into the top corner from just outside the box.
Source: PA
Source: PA