A double from Coventry's George Thomas either side of Christ Tiehi and Jean-Phillipe Krasso goals earned a point.
However, Wales finish as Group B runners-up and can only qualify for the last four if results go their way.
A win for Scotland against Indonesia or Brazil against Czech Republic on Tuesday, 6 June will put Wales out.
Robert Page's side finished the group stage unbeaten, having drawn with France and beaten Bahrain.
"It was relief at the end because our players deserved to get something out of that game," Page said.
"We were by far the better team in the first half, created the best chances.
"I've just said to them now that at this level, when you create those chances you've got to finish them otherwise they'll come back and bite you.
"Ivory Coast are a good team, they got to the final last year, the year before they won it so they're no mugs.
"So we've got to take the positives out of that and there were a lot of positives in that game.
"I've seen improvement in our performance from the France game to Bahrain to now against Ivory Coast, and that's what I'm looking for from these young players.
"And now we've got a nervous wait - we don't do it the easy way - we've got to wait for Brazil and Scotland to get draws."
Wales are relying on other results going their way at the Toulon Tournament after drawing their final group game 2-2 with Ivory Coast.