Both sides felt they could and should have won but despite goals from former Alloa players Gareth Hutchison and Ian Little, Berwick will be less satisfied as they remain deep in trouble at the bottom of the table.
The early chances fell to the Borderers with Paul Hampshire and Kevin McLeish not afraid to shoot from outside the penalty area, but visiting goalkeeper Gary O'Connor then had to make a double save to deny Andy Brown and Ross Hamilton.
Berwick took a shock lead after 15 minutes when a long throw was flicked on by David Murie and Hutchison fired a spectacular hook shot across the face of goal and in off the far post.
The same player had an effort cleared off the line as Berwick pushed for a second goal and they were desperately unlucky not to get it six minutes before half time when James Evans somehow managed to reach a quickly taken free-kick by Hampshire.
Alloa grabbed two goals in the first nine minutes of the second half with substitute Graeme Brown side-footing a debut strike from close range and Ian Ross nodding home the rebound after a shot from James Stevenson had been blocked.
Berwick boss Sandy Clark brought on former Partick Thistle player-manager Gerry Britton and, although Kevin McLeish was denied by a fine save from Evans, Little hit a well deserved left-footed equaliser with 18 minutes remaining.