The home side took the lead midway through the second half when Mark Quayle's delightful lob beat goalkeeper Chris Maxwell from 20 yards.
Wrexham equalised five minutes later when Mark Stewart and Jamie Reed combined for Paul Williams to score.
Striker Reed, who went close in the first half, had a goal ruled out for offside six minutes from time.
"It was good to get a run out and get a second 90 minutes under my belt of this pre-season," said Reed, 19, one of only three in Wrexham's line-up with first-team experience.
"The Colwyn Bay side was very experienced and it was a good work-out for us - especially after going one goal down. We worked hard to get the goal back.
"There were a lot of chances and it was a good game. It was just a shame we couldn't score more goals - the linesman seemed to enjoy putting his flag up a lot."
Wrexham's first-team squad travel to Northern Ireland on Sunday as they continue their pre-season preparations with friendlies against Cliftonville (Wednesday) and Dungannon (Saturday).
Wrexham: Vinny Whelan, Jamie Price, John Hunt, Chris Marriott, Lee Jones, Paul Williams, Wes Baynes, Tom Matischok, Robin Kacaniklic, Josh Johnson, Jamie Reed.
Subs: Chris Maxwell, Kai Edwards, Mark Stewart, Mathew Head, Jack Jones.