The game got off to a tentative start with the opening 20 minutes passing without any chances of note for either side.
Blues then sprung to life and created a number of chances in a dominant five-minute spell. First, Reece Brown saw a curling effort whistle past the top corner before Koby Arthur fired narrowly wide after an excellent individual run through the Walsall defence.
The bright Viv Solomon-Otabor also went close on a couple of occasions, his free-kick from the left hand side stung the palms of Craig MacGillivray before a powerful strike took a deflection and dropped an inch wide of the post.
The hosts created few chances of their own but both of their openings fell to Kieron Morris who fired straight at Tomasz Kuszczak from 20 yards before blazing over crossbar after some neat interplay on the edge of the penalty area.
Clayton Donaldson almost gave Blues the lead 30 seconds after the restart but he couldn't keep his fierce effort down after finding himself in space inside the Saddlers' 18-yard box.
Despite the visitors bright start to the second-half it was Walsall went in front. Erhun Oztumer was brought down in the box and up stepped Amadou Bakayoko to convert from the penalty spot.
Andy Shinnie had a good opportunity to level the scores after 72 minutes but dragged his shot wide after Matt Preston's clearance fell kindly to him on the edge of the area.
The Scot did have a hand in Blues' equaliser eight minutes later though. He raced onto a loose pass, skipped past a couple of defenders before being fouled by a combination of Walsall players and from the resulting free-kick Paul Caddis drilled the ball home in front of the 1,549 travelling supporters.
Koby Arthur saw a late effort blocked by Kory Roberts after initially doing well to seize on an error from the defender and Blues had to settle for a draw.
Blues XI: Kuszczak; Caddis, Morrison, Robinson, Bernard, Brown (Cooper '76), Gleeson, Arthur, Shinnie, Solomon-Otabor.
Unused subs: Trueman, Storer, Lubala, Baba, Seddon.
Attendance: 3,301 (1,549 Birmingham supporters).