Goals from Anthony Stewart, Adebayo Akinfenwa and Joe Jacobson cancelled out James Vaughan’s close-range strike to seal all three points at Adams Park.
The Chairboys applied pressure right from the kick-off; Joe Jacobson whipped an in-swinging free-kick into the area, but the ball evaded the awaiting Wanderers and the chance was soon gone.
However, this tempo was maintained as Adebayo Akinfenwa brought the ball down well and lofted a pass to the on-running Fred Onyedinma who struck from close range, but the shot was eventually blocked by Peter Clarke.
The next to challenge the away keeper was Curtis Thompson; he took a shot on from distance only to see the ball fly over the crossbar.
On the stroke of the half hour mark, the ball fell on target for the Chairboys again, Jason McCarthy taking a free-kick that found the palms of Davies in the net.
Despite no breakthrough, there was another chance for the home side to take a lead. Paul Smyth sent a long throw into the box which met the head of Akinfenwa who saw his header gathered well by Davies.
The breakthrough did come just before the half-time break. A corner was whipped into the box and the ball found Anthony Stewart who diverted the ball into the back of the net from close range to put the Chairboys ahead.
The first chance in the second period fell to the home side, Paul Smyth making a darting run towards goal and he eventually set himself to curl a shot towards the goal, but Davies was equal to it.
Jacobson provided another class delivery into the area with the Rovers keeper and one of his defenders having a moment of miscommunication between each other, leaving Akinfenwa to pounce on a loose ball and head towards goal, the first attempt rattled the crossbar and the second flew over.
The equaliser came minutes after the hour mark; James Vaughan collected the ball and tucked it home past Ryan Allsop from six yards out.
The home side began to pressure for another goal to regain their lost lead. Jacobson was provider of a cross again which found goal scorer Anthony Stewart but a brilliant save from Davies to deny him.
Despite their best defensive efforts, Tranmere fell behind once again. Onyedinma sent a brilliant cross into the area to find Akinfenwa who nodded the ball home and sent Adams Park crazy.
As time went on the Chairboys remained on top, Jacobson sent a corner in from the right which met the head of Alex Samuel in front of goal but who couldn’t divert the ball on target and the chance was cleared.
The drama continued late on in the game and the game was poised for a great finish. On that note, the referee pointed to the spot following a foul on Samuel in the area leaving Joe Jacobson to send Davies the wrong way and further Wycombe’s advantage.