Walsall missed out on the chance to boost their play-off hopes despite a spell of intense late pressure against Brian Little's relegation threatened side.
Leading scorer Matty Fryatt and Daryl Taylor both squandered golden chances in a frantic finale as Tranmere held on for a valuable point.
Tranmere were by far the happier with the share of the spoils as it was a vital point - and only their 12th in 13 games on the road this season - in their battle to avoid the drop.
Little's side struggled to test Walsall goalkeeper Joe Murphy despite the energetic running of the well travelled striker, Delroy Facey.
Facey carried Tranmere's biggest threat and Little was left fuming that he did not win a penalty when he was sent sprawling by a challenge from the Walsall left-back Julian Bennett in the 55th minute.
Tranmere's penalty appeals were waved away by referee Keith Hill and with it went their chance of victory.
The stalemate saw them slip into the drop zone, but the damage could have been a lot worse if Paul Merson's Walsall side had made their pressure pay.
The normally reliable Fryatt, who has scored 13 goals so far this season, should really have sealed three points for Walsall 10 minutes from time.
The England under-19 international looked set to capitalise when he pounced on a poor back pass by substitute Paul Linwood.
Fryatt, who could well leave Walsall in the transfer window next month after attracting interest from a host of Championship sides, only had the Tranmere goalkeeper, Steve Wilson, to beat.
But his finishing let him down as former Macclesfield Town keeper Wilson smothered his shot.
Unfortunately for Walsall, Fryatt's lead was followed by midfielder Taylor in the closing stages.
Like Fryatt, Taylor was presented with just Wilson to beat after a pin point cross from substitute Alex Nicholls. But Taylor was also let down by his finishing to leave Merson frustrated and Little relieved.