A 75th minute equaliser by Scunthorpe substitute Martin Carruthers denied Swansea victory but on the balance of play in the second half Swans manager Brian Flynn was well satisfied with a point.
The Swans took the lead in the 14th minute when Marc Richards fired into the roof of the net after Scunthorpe keeper Tom Evans had pushed away a Lenny Johnrose header.
Luck seemed to be on Swansea's side right on half time when Michael Howard clearly handled a Peter Beagrie cross deep in his own penalty area.
Referee Alan Butler of Nottinghamshire was the only person in the ground not to see the offence and amazingly waved play on.
That decision fired Scunthorpe into second-half action and with Beagrie in fine form down the left flank they caused the home defence a number of problems.
However, it was not until 15 minutes from time that they scored the goal their second-half display deserved.
Beagrie beat two defenders and sent over a low cross into the crowded goalmouth where Carruthers was waiting to toe-poke into an empty net.
A point apiece was a fair return for both sides as it assists the Swansea relegation battle while keeping Scunthorpe in the play-off chase.