Callumn Morrision scored from the spot two minutes from time after a handball in the box to give the hosts what looked like three points, but Euan Henderson found himself in the right place at the right time to net a deserved equaliser.
The club hosted their annual Remembrance event with a poignant minutes silence before kick off, with both teams laying a wreath in front of veterans and current service members.
The Bairns came into the match on the back of two successful away trips, winning 3-1 against Clyde last weekend and picking up a point and a clean sheet at Peterhead previously.
Head coach Paul Sheerin named the same side for the third match in a row, with a surprise and welcome return to the bench for Callumn Morrison.
The 22-year-old winger was instrumental in the Bairns early season form scoring five times in seven matches, as well as grabbing three assists.
Charlie Telfer had the first chance of the match in the opening exchanges when Craig McGuffie found him in the box but his shot at goal was an easy save for David Hutton.
Michael Ruth was next to go close on 8 minutes with a deft header after Declan McDaid lofted the ball to the back post.
The visitors nearly took the lead when Hutton’s kick out evaded everyone bar Hearts loanee Henderson who found himself one on one with Paddy Martin. Henderson’s strike was well saved.
Gary Miller picked up a yellow card on 20 minutes when he hauled back Henderson who spun the defender.
Steven Boyd found space outside the box and forced Martin into a diving save to keep the game level 23 minutes in, the forward placed his effort into the far corner but wasn’t powerful enough.
McGuffie was next to go for goal with a long range effort that flew well wide, the Bairns had all the possession but struggled to create meaningful chances in front of goal.
Paul Dixon showed his frustration just before half time driving with the ball 20 yards before powering a long range effort into the stand, with no real option in the attacking third.
On the hour mark Sheerin brought on Aidan Keena and Morrison for Ruth and McGuffie as he looked to inject a spark into what was a subpar attacking display.
McDaid’s free kick on 64 minutes found towering centre back Ben Hall, but he was penalised for a push in the box as the frustrations continued.
Steven Hetherington went agonisingly close when he was played in by Telfer and fired an effort at goal from outside the box only to see it well saved by Hutton.
Seconds after Henderson nearly put the Wasps ahead breaking free and forcing Martin into an excellent save to push the ball over for a corner as the game opened up.
Telfer thought he had opened the scoring with a brilliant free kick on 82 minutes but it shaved the post and bounced wide.
Mouhamed Niang found space in the box for a header that caught out the Bairns backline but was eventually cleared on the line.
Finally the chance to seal three points came four minutes from time when substitute Ryan Williamson handled in the box, handing the Bairns a pressure penalty.
Morrison duly stepped up and fired the ball down the middle to give the hosts what looked like the winner.
However, the Wasps rallied and Ex-Bairn Conor Sammon caused havoc in the box and Henderson’s fortuitous effort found the back of the net to ensure Alloa took a point.
Falkirk: Paddy Martin, Paul Dixon, Ben Hall, Gary Miller, Steven Hetherington, Michael Ruth, Aidan Nesbitt, Craig McGuffie, Leon McCann, Charlie Telfer, Declan McDaid.
Subs: Robbie Mutch, Ryan Williamson, Ernaldo Krasniqi, Callumn Morrison, Seb Ross, Aidan Keena, Brad McKay.
Alloa Athletic: David Hutton, Scott Taggart, Fernandy Mendy, Mark Durnan, Jon Robertson, Craig Howie, Charlie Gilmour, Mouhamed Niang, Stefan Scougall, Euan Henderson, Steven Boyd.
Subs: Keir Burt, Kevin Cawley, Conor Sammon, Cammy O’Donnell, Alan Trouten, Daniel Church, Adam Church.
Referee: Matthew McDermid.