George Williams opened the scoring with his first goal in a Cambridge shirt before Fasayo Dele-Bashiru levelled ten minutes from time, leaving the U's winless in their last five EFL League One matches.
Story of the match
The first opportunity of the evening fell to Sam Smith in the seventh minute, he was released by Jensen Weir but was denied by Chey Dunkley, who made a brilliant block.
Cambridge United went close on separate occasions minutes later when Joe Ironside's header looped just over the crossbar before Williams attempted an effort from 25 yards which was just inches wide.
The U's got their goal after 20 minutes when Williams met Jack Iredale's venomous low corner at the front post and flicked it beyond a sea of defenders.
Despite getting thoroughly outplayed, Sheffield Wednesday were nearly level after Lewis Wing was played clean through on goal before being denied by U's keeper Dimitar Mitov.
Dele-Bashiru twisted and turned inside the box, teeing himself up and unleashing a powerful attempt that clattered the post and away from danger.
Darren Moore’s men gradually started to ramp up the pressure as a teasing corner fell perfectly to Dominic Iorfa moments before added time but the defender got awkward contact on it.
Orchestrating essentially every Owls attack in the second half, Bannan picked his spot from 25 yards, but Mitov got down low to paw away the Scotsman’s speculative effort.
Five minutes later, Bannan’s close-range effort beat Mitov but Smith's last-ditch header prevented the visitors from equalizing. .
In the 79th minute, Sheffield Wednesday did level matters. Dele-Bashiru was fed down the right side and calmly beat Mitov down low from inside the box.
A pinpoint Bannan delivery was met by an onrushing Liam Palmer, who headed towards the left post from point-blank range, but was denied by the reflexes of Mitov.
Man of the match: Barry Bannan
He was at the heart of every attacking piece of play for Sheffield Wednesday with outstanding passes that were accurate nearly every time. The only thing missing was a goal, which would have been deserved after a performance such as this.