The assault happened between 8.40pm and 9.20pm on Saturday in a wooded area near the green in Mereside.
Police say the 14-year-old victim was not injured.
They have appealed for information and in particular, would like to hear from a man who was in Mereside at the time and may have spotted her shortly before the incident.
Detective Constable Alexander Sullivan, the investigating officer, said: “We are anxious to any information which might assist our investigation.
“The girl said she was walking along Mereside, next to the green, when she saw a man described as white and aged about 30 on the opposite side of the road who seemed to be coming towards her. This man was not involved in the assault and we believe he may be able to assist us. He should contact the police without delay.
“She then panicked and ran into the woods where she was assaulted by two youths. One of them carried out a sexual assault.”
DC Sullivan said the offenders were described as being of mixed race, about 16-years-old, of stocky build wearing hoodies and tracksuit bottoms.
The girl had previously seen them moments earlier in Mereside with three blonde-haired girls aged about 12 or 13. The group had split up leaving the two youths who followed her into the woodland.
Anyone who spotted the girl or the group of young people in Mereside at the time is asked to contact Shrewsbury CID on 101. Information can also be given to the anonymous Crimestoppers charity on 0800 555 111.