Trailing to a dead-ball gem from Yojiro Takahagi, John van't Schip's men hit back with a stunner of their own through Novillo before the interval to secure a point which takes them six points clear of seventh-placed Brisbane Roar.
Desperate to avoid the wooden spoon, the ninth-placed Wanderers were full of enterprise and adventure and took a deserved 20th-minute lead when Nikta Rukavytsya was taken down by Kew Jaliens and Japanese import Takahagi's deft free-kick from 22 metres flew past a flat-footed Tando Velaphi in the City goal.
City was lucky not to concede again soon after as Tomi Juric burst past a string of challenges only to be crowded out.
Then Rukavytsya evaded two tackles as he charged into the area before pulling up sore after firing off a shot which went straight at Velaphi. The winger was unable to continue with Labinot Haliti introduced in his place.
The home side continued to threaten with Romeo Castelen blasting a piledriver from the edge of the area just over the bar.
But Tony Popovic's men were hit by a sucker punch in the 39th minute when Novillo was allowed space and time to arrow into a dangerous area 20 metres from goal where he fired off a thunderous drive which left keeper Dean Bouzanis with no chance.
Juric should have restored Wanderers' lead on the stroke of half time but after picking up Velaphi's misplaced clearance he screwed his shot wide of a gaping goal to spare the keeper's blushes.
The contest lost its cohesion after the break with passes going astary and defences on top.
Takahagi should make added his second in the 68th minute, but instead he fired his rising shot straight at Velaphi after the ball broke to him inside the area.
And that was the closest either side came to a winner.
Popovic said he would know the extent of Rukavytsya's injury by Saturday but admitted the attacker would be highly unlikely to be available for the Asian Champions League match against FC Seoul on Tuesday.
"I'm happy with the performance but disappointed to play so well and get nothing. Today I think we lost two points," Popovic said.
"I think there was some good goalkeeping from City, last ditch tackles and chances missed by us.
"We dominated a very good side that's just won three straight. So to walk off and see 1-1 was disappointing."
Van't Schip admitted the Wanderers made things tough for his side.
"We came here to win but looking at the game and coming from behind we take the point and move on," he said
"We had some chances and if we were a bit sharper we could even have stolen the win but I think we should be happy with this point."
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