Both sides created opportunities throughout the 90 minutes, with Tom Hopper coming closest, as he saw his second half strike cleared off the line.
The Iron made two changes from the 1-1 draw with Oldham Athletic, as Jordan Clarke replaced Scott Wiseman at full-back and Greg Luer came in for his first start, taking the place of Hopper up front.
As for the rest of the eleven, manager Nick Daws opted to leave things as they were, with Luke Daniels in goal, a back four of Clarke, Murray Wallace, David Mirfin and Conor Townsend, an unchanged midfield three of Jamie Ness, Stephen Dawson and Neal Bishop and a front line of Paddy Madden, Jim O'Brien and the incoming Luer.
The visitors took early control of the ball, and manufactured the first opening of the game inside of two minutes. However, O'Brien couldn't keep his shot down after receiving the ball just outside the area.
O'Brien was a threat again shortly after, when he peeled off Saddlers defender Paul Downing to get through on goal. Ness then spotted his Iron team-mate's run, but slightly overhit his pass and the move broke down.
Sean O'Driscoll's side then created their own opening, with a ferocious long range drive from left-back Andy Taylor. The defender stepped in off the left flank, before hitting a dipping shot which Daniels was forced to tip over the crossbar.
Much like his effort, two minutes into proceedings, O'Brien once again was found on the edge of the box. But this time the Coventry loanee managed to test Neil Etheridge in the Walsall goal, forcing the shotstopper into a save low down. The 'keeper was then called into action once more, moments later, as he plucked Madden's long range free kick out of the air.
It was Etheridge's opposite number, Daniels who was the next to have his palms stung, as Saddlers front man Tom Bradshaw fired the ball at the Iron 'keeper from a tight angle inside the penalty area.
Despite the hosts having the larger share of possession, United continued to create chances and ten minutes before the break Madden had another. The Irishman was found in the box by Clarke, who'd burst forward from right-back. However, his pull-back was fractionally behind the Irishman, who subsequently dragged his shot wide.
There would be no goals before the break though, as both sides went in at half time goal-less.
It would be the Iron who would have the first opportunity of the second period. Madden picked up the ball on the right and dashed for the byline, once he'd got there, he then whipped in a dangerous ball across the face of goal, but substitute Hopper couldn't get there in time to turn it home.
Hopper's chance gave the visitors a lift and five minutes later they threatened once more. This time it was Townsend, who broke into the penalty area and got on the end of a O'Brien pass. The defender struck the ball across Etheridge's goal but, much to his frustration, past the far post too.
With just over 75 minutes on the clock, the home side came the closest to opening the scoring, when Bradshaw rattled the crossbar with a thunderous strike from the edge of the area after a well worked short corner routine.
Hopper must have thought he'd won it for United with eight minutes remaining, as he saw his strike dramatically cleared off the line. The Iron striker picked up on a parry from Etheridge, who failed to deal with Clarke's cross come shot and then drove the ball from a tight angle, only for it to be hacked away by a Saddlers defender.
No more chances would come the way of either team in the remainder of the game, meaning the Iron picked up their second League One point in succession.
Walsall: Etheridge, Demetriou, Taylor, O'Connor, Downing, Chambers, Bradshaw, Sawyers, Forde (Henry 71), Lalkovic (Morris 71).
Substitutes not used: Roberts, Preston, Flanagan, Cook, B Morris.
Scunthorpe United: Daniels, Clarke (Wiseman 84), Mirfin, Wallace, Townsend, Bishop, Dawson, Ness, O'Brien (McSheffrey 80), Madden, Luer (Hopper 46).
Substitutes not used: Anyon, Laird, King, Wootton.
Attendance: 3,868 (155 away).