Rovers looked set to hold on for credible point at the League One leaders, despite playing almost a full half with 10 men following Tom Anderson's red card.
The Doncaster man was dismissed for a late tackle on Matt Bloomfield as the visitors were denied a share of the spoils when substitute Donervon Daniels was adjudged to have fouled Adebayo Akinfenwa in the box.
Jacobson slotted the spot-kick home as Rovers were forced to play out eight minutes of added time with only nine men after Daniels limped off after colliding with Akinfenwa.
Doncaster had struggled to gain a foothold in the contest when both sides had their full complement of players.
Wycombe have lost just one league game all season but caused the visitors few problems going forward.
Kwame Thomas made way for Rakish Bingham as Rovers chief Darren Moore opted for just one change from the side that beat AFC Wimbledon in an FA Cup first-round replay on Tuesday night.
Seny Dieng produced a fine save to keep the scores level as Wycombe began to gain control of proceedings.
Rovers' task became much more difficult just four minutes into the second half when Anderson caught Bloomfield high with his studs.
Wycombe still struggled to put Doncaster under any real pressure while at the other end Daniels hit the bar with a header with one of his first touches.
Dieng was again on hand to deny Wanderers with another fine save to prevent Alex Samuel's header from finding the target.
The decisive incident came in injury time when Daniels collided with Akinfenwa as he attempted to contest a high ball and the referee pointed straight to the spot.
The substitute was forced from the field as the penalty was converted to leave Doncaster with no reward from a battling display.