Leon Best squandered a hatful of chances as keeper Chris Adamson pulled off a stunning save to grab a vital point for Sheffield Wednesday.
The 19-year-old substitute, on loan from Southampton until the end of the season, showed his inexperience as he blundered three times in front of goal.
But Adamson, playing only his second first team game with first choice David Lucas injured, kept his cool to keep out Dougie Freedman to frustrate promotion chasing Palace.
The London side should have snatched the lead on seven minutes as top scorer Andy Johnson unselfishly passed inside to striker Freedman but he scuffed his shot from 12 yards as Richard Wood cleared.
Barry Corr headed a Chris Brunt cross wide of the target before Brunt's wickedly curling corner was headed away from under the bar by the alert Mikele Leigertwood.
Wednesday were slow to react as midfielder Burton O'Brien found space on the left before pumping in a low cross but centre-back Mark Hudson headed clear.
Substute Best, on for the injured Deon Burton, squandered a chance 60 seconds after stepping off the bench. Lee Bullen looped a hopeful ball upfield, Corr flicked it on to the striker who tried to place his low drive to Gabor Kiraly's left but the Palace keeper deflected it round the post.
Rookie keeper Adamson pulled off a stunning save to keep out a Freedman seconds before the interval before smothering another effort from the veteran striker.
Best blundered twice in quick succession as Wednesday failed to take advantage of some shoddy defending before substitute Marcus Tudgay was foiled by the Palace keeper.