Marvin Morgan scored against his former club to rescue a point for promotion-chasing Shrewsbury.
Josh Payne gave Aldershot a second-half lead from the spot following Jermaine Grandison's clumsy challenge on Adam Mekki inside the penalty area.
The Shrews were reduced to 10 men when David McAllister was sent off for elbowing Mekki in an aerial challenge.
But substitute Morgan secured a draw by cutting in on his left foot and firing into the roof of the net.
The point was enough to pull the Shropshire side level with third-placed Crawley in League Two, while Aldershot are eight points adrift of the top seven.
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Shrewsbury manager Graham Turner told BBC Radio Shropshire:
"The penalty was very harsh. It was a coming together of bodies, a bit of a tangle of legs and 99.9% of time a corner would have been given.
"Dave McAllister's red card was very harsh too. He's brushed the lad's face with his hand but it wasn't an elbow and I feel for him - he was distraught.
"In the circumstances then it was a good point. Marvin Morgan came on and looked full of life and pace as well as scoring his goal.
"It was a very strong finish to the game and we might have even pinched a winner."
Aldershot manager Dean Holdsworth told BBC Surrey:
"We were the better side and we created the better chances. You can't put it down to a sending off, we've played very well today.
"I'm proud of the performance, but I think we can get better. I'm trying to push them as hard as I can.
"We're giving ourselves a lot of credit and a lot of confidence. If you come here and play the way we did and your team are disappointed that we've not taken all three points, then that shows how far we've come."