But Walsall could still come with a late play-off run after stretching their own unbeaten run to six games.
In a game spoiled by driving wind and rain, it was Arsenal youngster Henri Lansbury, who is on loan at Scunthorpe, who went closest to breaking the deadlock in the first half on his home debut with an excellent shot that was beaten away by goalkeeper Clayton Ince.
The young England player looked a class act as he troubled the Walsall defence.
The visitors struggled as an attacking force until midway through the second half when striker Troy Deeney suddenly began to make his mark.
He was unlucky with a header that came back off the underside of the bar from a free-kick lifted high into the box by Sofiene Zaaboub.
But it was Scunthorpe who looked set for victory when substitute Kayode Odejayi came off the bench to open the scoring in the 79th minute.
He was on the spot to throw himself forward and steer a header past Ince from close range after midfield man Grant McCann had lifted a free-kick high into a crowded box.
Scunthorpe looked set for a win they desperately needed but five minutes later Walsall were back on level terms when Deeney produced an excellent finish from the edge of the box with a shot that found the net off the underside of the bar.
The Midlands side kept pushing forward and twice came within inches of a winner.
First Alex Nicholls then Deeney fired in efforts that brought the best out of goalkeeper Joe Murphy as Scunthorpe struggled to hang on to a point.