The pair, striker Eduardo and defender Senderos, were in the thick of the action from the start, while the rest of Wenger's young guns acquitted themselves brilliantly throughout the match.
The home side battered the Newcastle goal for much of 90 minutes but it was the visitors who created the first chance.
Striker Obafemi Martins, who was the Magpies' biggest threat, did well to lose Senderos inside the area but saw his powerful header saved by Poland shotstopper Lukasz Fabianski.
It took a while for the Gunners youth to get fired up, but once they did it was spectacular to watch.
With half-time approaching Magpies' veteran keeper Given, brought back into the first team, and his defence were put on red alert with balls coming into the box from all angles.
Emmanuel Eboue, 24, one of the 'senior' members of the team, forced the Republic of Ireland international to palm away his 20-yard drive before the lively Theo Walcott smashed his shot wide after a great run.
But Arsenal had not even hit top gear, after the break Ivory Coast star Eboue had a fierce shot blocked and was then denied by a beautifully timed last-ditch tackle from England Under-21 centre-back Steven Taylor.
Croatia striker Eduardo, who dropped deeper during the game, then saw his goalbound header cleared off the line by Newcastle's darling of the moment, Charles N'Zogbia.
With 10 minutes left it seemed that Sam Allardyce's men would take Wenger's young troops into extra-time, but then up popped Denmark's Bendtner to apply a great finish to Traore's floated centre.
Newcastle should have equalised shortly after but Martins' nonchalant effort after rounding Fabianski allowed Senderos time to get back and clear.
Denilson made the Nigerian and Newcastle pay for the miss by posting a shot, express delivery, into the roof of Given's goal.
This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.