Gary Holt had given the hosts a welcome 29th-minute lead with a clinical strike. But Davies made sure the visitors snatched a share of the spoils with a fine header 15 minutes from time.
Davies timed his run to perfection, latching on to Steven Leslie's cross to level and make sure of a battling point at Adams Park.
Wycombe do have a game in hand on fellow promotion-hopefuls Bury and Gillingham, but Wanderers missed the chance to reduce the deficit on fellow high-fliers Brentford and Rochdale.
Holt had a powerful header excellently saved by Shrews keeper Luke Daniels before firing the home team ahead.
The midfielder's long-range shot close to the half-hour mark flew into the back of the net off the underside of the crossbar.
Namesake Grant Holt had a superb chance for the visitors, but saw his close-range volleyed shot blocked by Chairboys keeper Jamie Young.
However, the visitors kept battling to get back in to the game and were rewarded when they bagged a deserved equaliser late in the action after a fine cross from substitute Leslie.
Peter Taylor's side have now not won in their last five league matches as their title-challenge continues to suffer.
But Gary Holt's early opener gave Taylor's charges the chance to push on and they will be disappointed not to have collected maximum points, especially at home.
Meanwhile, Paul Simpson's team registered their fourth successive league draw in a row as they continue to cement a play-off place for the end of the season.