Rochdale, in their first match under caretaker manager Chris Beech were first to threaten when Harry Bunn received a pass from skipper Gary Jones and saw his fierce low drive rebound from the knees of Walsall goalkeeper James Walker.
Then the Saddlers, unbeaten in five npower League One games now, took over, with Jamie Paterson shooting just wide then Emmanuele Smith hitting the bar with a header.
Rochdale lost shot-stopper David Lucas in the 27th minute with a mystery injury but his replacement Matt Edwards did well to block a point blank shot from Paterson in the 36th minute.
Both sides had a chance in the second half, as first, Bunn clipped the bar for Rochdale in the 53rd minute.
At the other end, Walsall substitute Claude Gnakpa headed over from six yards seven minutes from time but a draw was ultimately a fair result.