John Carew salvaged a point for Champions League-chasing Aston Villa after Mick McCarthy's side had threatened to pull off a shock win in the derby meeting at Villa Park.
Wolves looked set for their first victory over Villa for 30 years after Jody Craddock's equaliser and James Milner's own goal had put them in front.
But Carew followed up his opener with his 13th goal of the campaign with only seven minutes remaining.
Villa had threatened to overrun the visitors in the opening quarter of the game with James Milner exploiting space in the centre of the park and it deserved the lead given it by Carew.
But Wolves had already won at another top four contender in Tottenham this season and they stunned Villa with their positive response.
Then in the second period they frustrated Villa's almost non-stop pressure before Carew salvaged a point.
It followed on from their success at Burnley last weekend and will be viewed as a precious point in the battle to survive in the top flight.
England coach Fabio Capello was at Villa Park to survey the five possible candidates in the Villa side for his World Cup squad this summer.
The home side came close to taking the lead after only four minutes.
Carlos Cuellar played the ball into the feet of Carew and he turned past Christophe Berra and fired a low shot a couple of feet wide of the far post.
It needed a superb tackle from Wolves skipper Karl Henry to halt Milner in full flight as he prepared to shoot from 15 yards out.
And it came as no surprise when a quickfire counter-attack led to Carew putting Villa ahead after 17 minutes with his 12th goal of the campaign.
Milner found Ashley Young on the left and his low cross was turned home by Carew from close range.
Wolves responded well to this setback and Matt Jarvis had a curling 20-yard effort deflected just wide.
Villa skipper Stiliyan Petrov became the first player to be yellow carded after 23 minutes for a challenge on Kevin Doyle - and from the resulting free-kick Wolves drew level.
David Jones played the ball into the danger area and, although Ronald Zubar failed to make proper contact with his shot, Craddock was in the right position to beat Brad Friedel from close range.
It was the fifth goal of the season for Craddock who this week was offered a new contract by Wolves.
Villa were now finding it more difficult to break down its opponents and after 39 minutes it fell behind to an own goal from Milner.
Jones made the initial break into the Villa area and then continued his run into the six-yard box after releasing the overlapping Jarvis.
He attacked the eventual cross and Milner, under pressure, could only deflect the ball into his own net.
Downing could have equalised but saw his downward header from Young's cross bounce up and over the crossbar.
Guedioura was yellow-carded three minutes before half-time for a challenge on Petrov.
McCarthy made a half-time switch with left-back George Elokobi replacing
Guedioura and Stephen Ward pushing up into midfield to replace him.
Richard Dunne climbed above the Wolves defence to meet a deep corner from Young but directed his header just past the post.
Villa was dominating play territorially and Hahnemann punched away a powerfully driven cross from Heskey aimed at Young.
Hahnemann held on to a header from