With the match heading into injury time at 1-1, it seemed both sides were ready to settle for a draw when Aces snatched a goal in the 90th minute through Zamuxolo Ngalo to thrust his side into a 2-1 lead.
Wits, however, hit back deep into injury time to level the scores once again as Sthembiso Ngcobo nudged home a header to rescue a point for his team.
With the draw, Wits move to 46 points but remain in fourth spot with two games left in their season.
Aces also remain in the same log position in 11th spot as they move up to 32 points.
In the 35th minute the visitors took the lead. Bongolethu Jayiya was allowed time and space on the right by a hapless Wits defence, and made his way into the box and drawing the attention of keeper Moeneeb Josephs before passing to Aubrey Ngoma who drove the ball into an open net to take a 1-0 lead.
Moments after the break, Aces went in search of a second. From a free kick Lehlohonolo Nonyane had a dip at goal which was blocked by Thulani Hlatshwayo.
Dino Ndlovu for Aces in the 72nd minute was left one-on-one with Josephs, but the shot-stopper was able to pull off a fine reaction save at point-bank range.
In the 77th minute, Wits were able to square the match. Phumlani Ntshangase stepped up to take a free kick for the hosts just metres outside the Aces box. His deft strike was directed perfectly through a gap in the wall and bounced once before finding the corner of the net past Jackson Mabokgwane in the Aces goal to make it 1-1.
Aces scored their second of the afternoon in the final minute of regulation time. Ngalo dipped under two Wits defenders to meet a ball in the six yard area to nudge home his fourth goal of the season.
Wits equalised three minutes into injury time to rescue a point from the fixture. Paseka Sekese whipped in a corner and Ngcobo was on target with a header to make it 2-2