Town's play-off hopes are still just about alive after Tommy Miller's injury time freekick grabbed a vital point at Wolves. The first half had been goalless, then after the break Sylvan Ebanks-Blake put the home side ahead with a shot from 20 yards.
As expected, Jim Magilton made just the one change, Jon Walters taking over from the injured Shefki Kuqi. Velice Sumulikoski, out for the season, watched the game amongst the large Town following.
Town created an opening in the fifth minute, Tommy Miller feeding in Jon Walters just to the right of goal, but the former Chester striker hit an angled shot just over.
The game had begun at a fast pace with the play moving from one end to the other. On 13 Ebanks-Blake hit a shot on the turn which went wide of Stephen Bywater's goal.
Two minutes later, David Wright cut in from the left but struck a weak effort straight at Wolves keeper Wayne Hennessey.
Andy Keogh shot over, before Ebanks-Blake had a golden opportunity to put his side in front. George Elokobi looped a ball into the box from the left and the former Plymouth man somehow managed to scoop the ball over the bar from a matter of feet. Town could count themselves very lucky.
The home side were enjoying a strong spell and on 23 Olofinjana shot over from the edge of the box. Moments later, Ebanks-Blake had an effort deflected wide. From the resultant corner, Bywater was lucky to get away with failing to gather, the ball being bundled behind for a goalkick.
For Town, Tommy Miller shot wide, prior to a fantastic move down the left, Alan Quinn playing a clever ball for David Wright, who laid the ball in for Pablo Couñago, but a defender just managed to get in a toe.
On 31 another Wright pass found Walters inside the area, the striker fluffing his first effort, but forcing Hennessey into an impressive save down at his near post with his second strike.
The Blues were starting to take control of the game and in the 38th minute Quinn came close to opening the scoring. The former Sheffield United man unleashed a fearsome 25-yard strike which went through keeper Hennessey's hands but dropped just wide of his left post. This time it was a lucky escape for the home side.
A Wolves break in the 39th minute ended with Kevin Foley hitting a shot straight at Bywater, although there was some suspicion of an offside, prior to Couñago being threaded through on goal but, under pressure from a defender, saw his stabbed effort blocked by the keeper.
Keogh headed a corner wide as the half entered its final five minutes, before Olofinjana shot wide from the 18-yard line.
Town had one more chance before the break, Danny Haynes's cross falling for Couñago, whose shot was blocked. Quinn latched on to the looping loose ball but sent it deep into the stand.
Either side could have been in front at the break, Ebanks-Blake having missed a golden opportunity for the home side and Quinn having come very close with his strike which squirmed through Hennessey's hands. Both teams had enjoyed spells when they were on top and also moments of concern at the back.
Wolves introduced Michael Kightly, on the sidelines with an ankle problem of late, for Michael Gray at the break, but it was Town who created the first chance, a defender clearing Jon Walters's ball across the box.
Alex Bruce picked up the game's first yellow card for a foul on Keogh in the 51st minute, before Walters hit a shot on the turn from 20 yards which flew over as the Blues started the half on top.
The home side gradually started to get more into the game and just after the hour mark Walters switched to right midfield with Haynes joining Couñago up front.
Kightly came close to scoring in the 69th minute when Matt Jarvis crossed from the left and the former Grays Athletic man's header was deflected over. From the corner, Owen Garvan made one of two important clearances from inside the six-yard box.
At the other end, Miller had a shot blocked, but it was the Town goal which was under most pressure and on 71 Wolves went in front. Bywater brilliantly saved Ebanks-Blake's first effort, then Garvan blocked his rebound. Play moved to the other end, then the ball was returned towards the Town area, Bruce missing it and Ebanks-Blake lashing a low shot past Bywater from 25 yards.
Three minutes later the Blues had a chance to get back on terms, but Quinn was way off target with his freekick from the edge of the box.
Olofinjana was booked for catching Couñago with an arm, the Spaniard requiring treatment and a change of shirt, while Alan Lee replaced Danny Haynes up front.
As the game entered its final 10 minutes, Kightly's freekick deflected over, prior to Jordan Rhodes replacing Pablo Couñago.
The young striker broke away from Kevin Foley in the 83rd minute, the ex-Luton man hauling him back and receiving a yellow card from referee Scott Mathieson. From the freekick, several Town players beat the Wolves offside trap but none chased after the loose ball.
Time was running out for the Blues, who had rarely threatened since the Wolves goal, a couple of impressive Lee runs down the right aside. Then, as the game moved towards the third minute of injury time, Lee was fouled on the edge of the box. Miller prepared to take the kick as De Vos as wrestled by various members of the Wolves wall and then curled the ball beyond the statuesque Hennessey and into the net to send the Town crowd wild.
Moments later, referee Mathieson, a vast improvement on most of the officials Town have had to put up with in recent weeks, blew his whistle.
A draw was probably a fair result, if not the scoreline either side wanted, particularly with Crystal Palace defeating Watford. Both will feel they still have a chance of a play-off place, but that it has been reduced by the afternoon's events.
Town: Bywater, Simpson, Wright, De Vos, Bruce, Garvan, Miller, Haynes (Lee 76), Quinn, Walters, Couñago (Rhodes 83). Unused: Colgan, Sito, Williams. Att: 26,072.