Tom Pope had headed the visitors into the lead after nine minutes but Wilson's second half goal sees Latics grab a point from a very entertaining encounter.
Latics looked to dominate the opening proceedings but fell behind on nine minutes after Pope opened the scoring.
Ben Williamson received the ball out wide and picked out the striker at the back post and he comfortably nodded past Rachubka to give the Valiants the lead.
There was a break in play as Danny Philliskirk went down with a head injury and it allowed the home players to take in instructions from the technical team.
Midway through the first half, Jonson Clarke-Harris' deflected shot caused Vale goalkeeper Sam Johnson to scramble across his line but the shot went wide.
Jonathan Forte, who has three goals already this season, looked lively on the left-hand side but his shot on the half-hour mark mark sailed over the bar.
Latics started to become more lively and maybe should have equalised five minutes before the break.
Winchester delivered a superb cross into the box but the ball would not sit for Forte and Clarke-Harris' shot eventually rebounded for a corner which was eventually cleared.
Latics' pressure almost paid off on the stroke of half time. Wonderful build-up play saw the ball fall for Clarke-Harris at the back post but somehow Port Vale managed to clear off the line and the chance passed.
The home side came out brightly after half time and looked the most likely to get a goal.
Joseph Mills picked up a loose ball on the edge of the area five minutes after the break but a stray Vale leg prevented the chance.
The home side were in the ascendency and front-men Philliskirk, Clarke-Harris and Forte were causing a real nuisance in attack.
With Latics upping the pressure, they finally equalised just after the hour mark from central defender Wilson.
The former Bristol City man rose highest from an inswinging Mike Jones corner to power home and bring the home side level.
Only a minute after the goal, Latics had to be alert as Michael O'Connor was presented with a free kick 20-yards from goal but his effort did not trouble Rachubka.
Chances were flying in at both ends and with 20 minutes of the game remaining, O'Connor headed against Latics bar as the visitors threatened.
Oldham Athletic threw everything forward in a bid to grab a winning goal but unfortunately nothing would fall for the home side.
With minutes of the game remaining, Mills' wicked free kick into the box had to be tipped over by the goalkeeper as Latics kept up the pressure on the Vale defence.
In a bid to grab a late goal, Latics gained a corner in the last minute of additional time and threw men forward but somehow goalkeeper Johnson managed to clear the danger and the referee blew time on a pulsating encounter.
Oldham Athletic: Rachubka, Brown, Mills, Elokobi, Kelly, Jones, Philliskirk, Forte, Clarke-Harris, Winchester (Morgan-Smith 75'), J.Wilson.
Subs not used: Coleman, Dieng, Kusunga, Gros, Dayton, Noble.
Port Vale: Johnson, Veseli, Dickinson, Duffy, McGivern, Birchall (Daniel 59'), Lines, O'Connor (Brown 85'), Marshall (Jennings 74'), Williamson, Pope.
Subs not used: Neal, Robertson, Dodds, Yates.
Goals: Oldham Athletic (Wilson 64') 1-1 Port Vale (Pope 9')
Attendance: 3,592 (749 visiting fans)