After a reasonably even first 30 minutes Wycombe took the lead in the 32nd minute through the conductor of their midfield orchestra, Michael Simpson, who finished off a fine four-man move by slotting the ball past Mark Tyler from six yards out.
Three minutes later it was 2-0 to the home side when Craig Faulconbridge was fouled in the area by Sagi Burton, and Wycombe midfielder Steve Brown comfortably put away the penalty.
Peterborough pulled back a great goal five minutes later when ex-Wycombe winger David Farrell took on Danny Senda on the Peterborough left and delivered a cross to the far post where veteran striker Bradley Allen slotted the ball expertly past Wanderers keeper Frank Talia.
The ex-Swindon keeper preserved his team's lead with a fantastic save from Boro striker Andy Clarke just before the hour, advancing from his line to block the ball away for a corner.
His heroics were finally rewarded in the 85th minute when raiding Wycombe full-back Senda converted from six yards after the ball had pinged around the area.
Boro though never gave up and pulled back a great goal in stoppage time from impressive midfielder Jimmy Bullard who smashed the ball into the bottom corner of the net from ten yards