Colts went ahead in the 25th minute, before Deniliquin equalised early in the second half when Masen Brain converted from the spot in the 52nd minute.
The Wanderers lifted after the equaliser, defending strongly despite a mounting card count.
The match produced five yellow cards and a red - with three yellows and the red for Deni infractions - but the Wanderers held firm to protect the draw.
Goalkeeper Mathew Crothers said the game was tough right from the beginning.
“Colts absolutely came out firing right from the go,” he said.
“It was a very physical game; they are definitely one of the more physical teams in the league.”
Following a controversial red card in the 81st minute, automatically given after a Deni player received his second yellow card, the Wanderers parked the bus, focusing on a defensive effort to protect the draw.
“I’m really impressed with our defence from that game, managing to hold on to the draw a man down.
“Although, there were a few earlier opportunities in attack that we couldn’t capitalise on.
“I had to pull out my inner Patty Beach and dive for a few saves.”
The Wanderers are appealing the red card decision which, due to Football Victoria taking over this year, includes an automatic fine to the club no matter the offence.
The end score keeps Deniliquin competitive in a tight mid‑table battle, with the side currently in fifth and strongly eyeing off fourth spot and a finals' opportunity.
Due to a change in the fixtures, with two teams forfeiting the season, the Wanderers will have back-to-back byes over the next two weeks.