Vale missed the chance to go 4th, ending the game snatching a draw from the jaws of defeat. With Vale in 6th and Shrewsbury 4th, there was plenty to play for.
Vale were the better team from the start, despite the Shrew's David Davis (on loan from Wolves) hitting the bar in the opening encounters.
Then on the half-hour a freekick on the right from Kris Taylor was headed down and home by a revived Marc Richards, back at his best after injury.
A minute later Lionel Ainsworth hit an equaliser across the goal after Vale failed to clear an innocuous attack.
Vale could have been 2 or 3 up, before James Collins ran on to beat Chris Martin at the near post on 72 to make it 2-1 to Shrewsbury.
Justice was done, however, with Marc Richards converting an 83rd minute penalty for 2-2 after the tenacious Tom Pope had been flattened.
Vale stay 6th.