Town were the better side throughout the 90 minutes and were controversially denied a Daryl Murphy goal but had to settle for a point at Molineux.
The Republic of Ireland international headed from a corner in the first-half but Freddie Sears was judged to have been offside in a decision that frustrated Town.
Blues dictated possession for long periods and former Wolves defender Christophe Berra almost won it late on but Town were also indebted to Bart Bialkowski for saving
Jon Dadi Bodvarsson’s first-half penalty, the ‘keeper also denying Helder Costa.
Jonathan Douglas and Teddy Bishop came in for Conor Grant and Kevin Bru in the two changes to the side that went down at Brentford at the weekend.
A terrific pass from Conor Coady released Joe Mason down the right side in the game’s first opening, his cross evading the supporting Bodvarsson. Town responded with Grant Ward fizzing a right foot delivery that was inches over Murphy’s head.
Ward crossed again from the right, Carl Ikeme holding firm as Freddie Sears looked to pounce, Bishop then linking up well with the former West Ham striker, Danny Batth clearing the danger.
Ward was causing the home defence problems down the right and from another cross, Sears almost got in at the near post, Jonas Knudsen then sending a left foot drive wide from 25 yards.
Ward’s superb turn won a free-kick on the right, Ikeme at full stretch to tip away Bishop’s delivery before Adam Webster’s foul on Bodvarsson left referee Peter Bankes pointing to the penalty spot on 22 minutes. Bialkowski proving equal to the task though with a strong right hand to keep his goal intact.
Knudsen’s cross from the left was diverted behind by Kortney Hause and from the corner, Murphy headed in but the assistant referee raised his flag before Town had time to celebrate - a decision that puzzled and angered the Blues’ management.
Bishop’s surging run into the box was ended by Batth’s interception, Sears’ cross almost falling into Ward’s path then Berra headed wide from Bishop’s free-kick as Town finished the first-half on top without reward.
Joao Teixeira curled a right footer wide from the edge of the box after robbing Webster as Wolves started the second-half on the front foot, Bishop picking up a yellow card for a foul on Teixeira.
The midfielder made way for Bru soon after and Town continued to look the more likely to make the breakthrough, Berra meeting a corner but his header lacked direction.
Town forced Wolves back and Luke Chambers almost found Sears with a cross from the right, Ward then driving a 20 yarder wide.
Despite Blues’ dominance, it took a terrific save from Bialkowski to keep out substitute Costa’s acrobatic effort from inside the box.
Ikeme had a far more comfortable time keeping out Bru’s stabbed effort at goal, Murphy then testing the ‘keeper with a left foot strike.
Matt Doherty was wide from the edge of the box as the game approached the final stages and Berra almost gave Town a deserved three points as he challenged for a loose ball six yards out but Batth came to his side’s rescue to give the hosts a point.
Wolves: Ikeme, Doherty, Edwards (Saville 46), Batth, Mason, Evans, Coady, Iorfa, Bodvarsson (Costa 64), Teixeira (Wallace 83), Hause. Subs not used: Lonergan, Deslandes, Price, Henry. Booked: Hause.
Town: Bialkowski, Knudsen, Chambers, Berra, Bishop (Bru 56), Skuse, Murphy, Webster, Ward, Sears (Varney 90), Douglas. Subs not used: Gerken, Smith, Emmanuel, Kenlock, Dozzell. Booked: Bishop, Knudsen, Chambers, Bru, Berra.