A last-minute equaliser from Sheffield Wednesday defender Connor O’Grady denied Forest Under 23s a point in an evenly-contested match at The City Ground.
Goals from Virgil Gomis and substitute Jayden Richardson put The Reds into a late lead after initially falling behind to James Murphy's opener midway into the second half.
But O'Grady's late header ended the game in frustration for The Reds who were unlucky not to win the game after an excellent final ten minutes.
It was a quiet opening ten minutes to the contest with Ash Baker's strong tackle on Anel Ahmedhodzic the only notable moment as the left-back tried to get away down the flank. But as the game went on The Reds slowly started to get their foot on the ball with Aaron Smith and Toby Edser trying to make things happen.
With over half an hour gone the game continued to be a quiet affair with either side struggling to take control of the match and create some clear-cut chances.
On the brink of half time, Forest came closest to opening the score when Smith powered his way forward towards goal before teeing up Anel Ahmedhodzic, whose ball across goal evaded everyone meaning the teams went in level at the break.
As the second half began it was the visitors who were quick out the blocks but they couldn't find a clinical edge to finish off a couple of openings in the Forest defence.
Gomis had a wonderful opportunity to put The Reds into the lead when some great link-up play with substitute Brennan Johnson saw him dance his way into the area. He found some space and rifled an effort towards goal but Wednesday goalkeeper Dan Wallis made an excellent save to ensure that the scores remained level.
The visitors eventually broke the deadlock on 68 minutes though Forest defender Ethan Stewart was caught in possession and quickly punished by Murphy who bore down on goal and coolly slotted past Bossin to put The Owls into the lead.
The game seemed to come into life after the goal and Wednesday had two big chances to extend their lead. Marco Matias came closest, first when he produced a clever bit of skill to loft the ball over a Forest head before lashing his shot well over the bar, and Matt Penney Bossin into a fantastic save after he cut inside and fired a powerful effort goalwards.
The Reds then looked to have turned it around in the last ten minutes of the game. First it was Gomis who levelled the scores on 84 minutes with a fine strike. The striker got the better of former Reds defender Freddie Nielsen and emphatically struck it into the bottom corner to equalise.
Just three minutes later substitute Richardson thought he had grabbed the winner for the home side. Forest broke forward through Smith and he played Richardson through who eventually prodded it home high into the net to put his side into the lead.
But Wednesday were not finished there with substitute O'Grady heading home a last-minute equaliser from a corner to ensure that his side went back to Sheffield with a point and that the game ended 2-2.
Forest: Bossin, Gabriel (Richardson 64'), Ahmedhodzic, Crookes, Stewart, Edser, Otim (c) (Harbottle 78'), Taylor, Gomis, En-Neyah (Johnson 61'), Smith
Unused subs: Wright, McCormick