A last-gasp equaliser gave Roy Hodgson a point in his first game as West Brom manager.
Jamie O’Hara’s first goal for Wolves was cancelled out two minutes into injury time by Carlos Vela in the first top-flight Black Country derby for 27 years.
Wolves had the better of the opening exchanges, overpowering their hosts with an extra man in midfield.
Matt Jarvis was a constant threat down the Wolves left, having the beating of Gonzalo Jara and putting in dangerous crosses, the best of which was headed over by O’Hara.
West Brom had the better first half chances after that, however. Jonas Olsson headed across goal, Wayne Hennessey did well to claw back the save and Paul Scharner’s diving header was deflected inches wide.
But Wolves took the lead in the 39th minute thanks to a well worked free-kick straight from the training ground.
Nenad Milijas squared a free kick on the edge of the box and O’Hara smashed the ball first time into the top corner.
Jarvis had a golden chance to put Wolves two up six minutes into the second half with a clear shot on goal after a mistake by Gabriel Tamas, but he skewed his left foot shot wide.
Albion upped the pressure as Fortune smashed into the side netting from a tight angle and a crunching tackle from George Elokobi denied Peter Odemwingie.
Marc-Antoine Fortune was then guilty of a shocking miss. Odemwingie headed into his path from close range, but the French striker tried to control instead of shoot and got it all wrong.
Olsson again headed goal wards from a corner, Jarvis was in the right place to head off the line.
Then Hennessey produced a superb reaction save after Vela’s shot was deflected by Ronald Zubar.
But just as it looked like Wolves would hold out, Hennessey failed to hold James Morrison’s shot, and Vela pounced to level the scores.