Wolves captain Danny Batth headed a stoppage-time equaliser at Turf Moor to deny Championship leaders Burnley a seventh successive league win.
Sam Vokes looked to have scored the winning goal against his former club before Batth’s intervention from Nathan Byrne’s corner earned a deserved point.
The hosts had failed to register a shot on target until Wales striker Vokes headed in Joey Barton’s cross.
His goal came after Jack Price struck the post for Wolves from 30 yards.
Burnley remain four points clear at the top of the table, with Brighton leapfrogging Middlesbrough into second place with a 2-1 win at MK Dons.
Defeat would have been harsh on Wolves, who have lost only one of their past five games and remain 12th in the table.
George Saville had a shot blocked by Clarets defender Ben Mee during a goalless first half, while both Jed Wallace and Conor Coady went close for the visitors before Vokes’ 13th league goal of the season put Burnley ahead.
Ten of those goals have come since 12 January, with Vokes and strike partner Andre Gray contributing 33 between them for Burnley in the Championship this term.
Burnley boss Sean Dyche: “People need to remember that despite our position, nobody comes here just to lay down and roll over.
“Nothing ever comes easy for us here or when we’re playing away from home.
“We’re still clear at the top and we’re still on a long unbeaten run. As long as we don’t put too much pressure on ourselves then we’ll continue to be OK.
“There’s pressure everywhere in football, but we’re not feeling any here.”
Wolves head coach Kenny Jackett: “Burnley are a really good side and they started well in the opening 10 or 15 minutes, but we rode it through and were right in the game at half-time.
“I suppose at the end of it you’ve got to decide whether it’s a glass half-full result or a glass half-empty.
“It’s definitely the first one for me because there were a lot of good performances out there.
“We had chances here, and we didn’t take them. That has to be better and it’s something we will be working on during the week.”