The Clarets were the better side for an hour but were fortunate to escape with a point after a second-half comeback from the King, who struck the woodwork three times.
The game was lit up by two superb goals.
Arabian Gulf League top scorer Sebastian Tagliabue bagged his 24th strike in 25 games in the first half after mesmeric skill from fellow south American Jorge Valdivia.
Khalifa’s superb strike on the hour was fully deserved and head coach Abdulaziz Al Anbari will wonder how all three points eluded his side.
The result puts Javier Aguirre’s men a point ahead of Al Wasl going into the final round of fixtures, with Wahda’s superior head to head record over the Cheetahs ensuring they are favourites to finish third.
Fujairah’s superb late resurgence had placed extra significance on this game.
Thursday’s 3-2 triumph over dethroned champions Al Ain catapulted the Wolves onto 26 points alongside Sharjah and Emirates Club.
Both teams had chances to take all three points.
One from them plus Dibba Al Fujairah will join Al Shaab in the second tier next season.
In a relatively innocuous first half, Ricardinho met Wanderley’s wonderful low cross but struck the base of Adel Al Hosani’s post.
In the 31st minute Wahda went ahead when Hamdan Al Kamali’s clip forward was brought down superbly by Valdivia, who intelligently cut the ball back to the waiting Tagliabue to net.
Sharjah stopper Mohamed Yousif then did brilliantly to keep his side in it after more ingenuity from the Chilean. He teed up Chang Woo Rim, Yousif saving at point blank range.
Brazilian wideman Maicosuel slalomed through the Wahda defence after the break and went to ground inside the box. It looked initially like he was felled but replays showed Sultan Algahfri did superbly to toe the ball away.
Khalifa then levelled the scores in impressive fashion, his swerving strike screaming past Al Hosani from 30 yards.
Maicosuel struck the woodwork twice in a minute late on, first hitting the base of the post from a free-kick after Al Hosani, who subsequently had to go off injured, fouled Wanderley.
He then chipped replacement stopper Ali Al Hosani but his effort kissed the top of the crossbar on its way out as Wahda survived.
In the evening’s other game, Al Dhafra and Al Shabab shared a scoreless draw in the Western Region.