Livi regained top spot today after a 5 week weather enforced lay-off, but had to do so the hard way against a fresher and more determined Wasps side at Recreation Park.
Following a period of pressure, the home side took the lead on 28 minutes when Stuart Noble found the net from 20 yards out with a fine strike.
Michael Dunlop doubled the Wasps' advantage on the stroke of half time, firing high into the centre of the net from the middle of the penalty area, leaving the visitors reeling.
But Livi hit the ground running after the break, and David Sinclair halved the deficit on the hour mark with a tremendous free-kick from 30 yards out.
Alloa were stunned, and 10 minutes later supersub Raffa De Vita drew the Lions level with a neat shot from the edge of the penalty box.
Both sides had chances to steal victory before the end, but a draw ended as a fair reflection of the afternoon's action.
Alloa Athletic: Ewings, McClune, Dunlop, Gibson, Walker, Hay (Grant 76), Scott, McDonald (McGowan 64), Prunty (Lister 24), Noble, Smith
Subs Not Used: Robertson, Gormley
Livingston: Bullock, C.Barr (MacDonald 16 (Sinclair 46)), Malone, Ky.Jacobs, D.Jacobs, Watson, Fox, Kn.Jacobs, Russell, Winters, B.Barr (De Vita 60)
Subs Not Used: McDowall, Conway