The Saddlers had been heading for their first win in six games following a 50th minute strike from Jimmy Constable before they were robbed of a much needed success as a result of a controversial equaliser.
Following such a dreadful spell, when they have been in freefall, Walsall badly needed the three points but the draw leaves them in serious danger of relegation.
Constable's strike in the 50th minute was Walsall's first goal in four games but it was not good enough on the day.
There were two fire engines stationed outside the ground before the game but there were no fireworks inside the stadium.
Walsall's desperate position was reflected in their indifferent first-half performance when they were totally disjointed.
Vale, however, could not take advantage of the situation in a dire opening 45 minutes. Danny Sonner often tried to get his front line moving but to no avail.
Veteran Steve Claridge was the only Walsall player to get a shot on target in this period but generally the Saddlers frontmen were off the pace.
The game was far from eye-catching. Vale, following two successive wins which took them into a safe mid-table position, were quite content to play a containing game.
This plan, however, cost them dearly as five minutes into the second period Walsall, to the huge relief of their fans, took a surprise lead.
The industrious Dean Keates produced the left-wing cross which took a deflection into the path of Constable and the former Chippenham striker coolly slotted home a low shot for his fifth and most important goal of the season.
Vale went in search of an equaliser with Micky Cummins going close to an equaliser, but Walsall's back four, in which Craig Pead, Chris Westwood and Pablo Mills were outstanding, held firm until the 86th minute.
A mistake by Daniel Fox was capitalised upon by Hector Sam, who put Fortune in possession to notch only his second goal of the season despite Walsall claiming he was in an offside position.