However, Tom Connor put Southern back in the race as he equalised, only for Wanderers to hit back and go 2-1 ahead at the break when Andre de Jong scored.
The match looked over when Wanderers scored again through Brock Messenger and, at 3-1, it took a brilliant penalty save by keeper Tom Batty to keep hopes alive.
Coach Mike Fridge threw caution to the wind in the last 20 minutes, and made two substitutions which became critical. Cam Attwood was replaced by Jude Fitzpatrick and Alistair Rickerby went on for George Milne.
The fresh legs paid off as big Fitzpatrick scored in the 80th minute and Tom Jackson hit the equaliser after 85 minutes.
''We finished strongly and might even have snatched all three points when a powerful drive by our captain Victor da Costa went whistling past the base of their goalpost,'' Fridge said' ''But while it was great to see Tom Batty save the penalty from Andre de Jong, that was the fourth spot kick we have conceded recently, and we need more composure at the back.
The draw at least stops our recent run of losses and gives us hope of getting back on track after the Christmas break.
''After all, we have virtually had four away games on the trot, and look forward in the new year to playing in front of our own supporters.''
Wanderers coach Darren Bazeley said he and his players felt really disappointed they had not won the game.
''We were 3-1 up with 15 minutes to go, playing really well and we were very effective in possession with good rotation and movement and created a lot of chances.''
At Tahuna Park in Dunedin, it took a goal in injury time for Southern United's youth team to lose 2-1 to Canterbury United in the ASB National League match yesterday.
Until then, the match was a contest between equals, with plenty of skills and endeavour, especially in the midfield boiler room.
Both coaches would probably have settled for the draw, but the ASB Youth League's top scorer showed the value of a proven striker when Canterbury's Ryan Stanley hit his 12th goal of the season to send coach Alan Walker into raptures.
Southern's Kevin Scoullar saw the match as another mix of fortunes, with some excellent passing and defensive play, but not enough shots delivered on target by either team.
In fact, Canterbury's first goal by Louis Bush was a miscued right-wing cross that deceived keeper Josh Dijkstra, and the Southern equaliser by Cody Brook was also an event Canterbury keeper Eddie Ashton will want to forget.
ASB Premiership
The scores
Wanderers SC 3
Anglus Kilkolly, Andre de Jong, Brock Messenger
Southern United 3
Thomas Connor, Jade Fitzpatrick, Tom Jackson
Halftime: 2-1 Wanderers
