It looked as if the new-look management team of Steve Thompson and Tony Parkes had engineered a win as Alan Gow put Blackpool ahead before on-loan West Brom striker Bartosz Slusarski levelled matters.
Injury-ravaged Wednesday should have snatched the lead on five minutes after Blackpool skipper Rob Edwards blundered squaring the ball to Wade Small.
The little winger picked out Francis Jeffers who coolly laid the ball to midfielder Steve Watson as he burst into the area before hitting a tame shot straight at the waiting Paul Rachubka.
Blackpool, without a win in three games, caught out the Sheffield side when Kyel Reid's hopeful cross found Lee Grant off his line, the Wednesday keeper scrambling back to tip the ball over the bar.
The Owls escaped again with Blackpool in control, Gary Taylor-Fletcher's left foot strike from 18 yards taking a deflection as the ball beat Grant but flashed a fraction wide of the far post.
Wednesday were handed a chance on 28 minutes after the lively Small was fouled by Joe Martin on the edge of the area, full-back Tommy Spurr lashing in a fierce strike that was tipped away spectacularly by Rachubka.
Watson drilled in a low strike that was blocked by the American-born keeper as Wednesday forced their way back into the game before Grant foiled Liam Dickinson, racing to the edge of his box to hammer the ball clear as the Blackpool striker closed in.
Blackpool went ahead in the 48th minute, David Fox's corner causing problems as full-back Lewis Buxton barged over Shaun Barker, Gow steeping up to coolly despatch the penalty for his fifth of the season.
Gow almost grabbed a second cutting in from the left flank to finish with a low strike that was scooped up on the line by Grant, before Wednesday were back on level terms in the 55th minute, Watson's free-kick being volleyed in by Slusarski.
Grant then pulled off a stunning save finger-tipping away Keith Southern's 25-yard strike. Minutes later Gow was inches away from connecting with Dickinson's cross from the right with the Wednesday defence creaking but the match eventually ended all-square.