Wolves substitute Carl Cort struck five minutes from time to earn a point.
Kevin Gallen gave QPR the lead after 11 minutes, when he shot low from the edge of the area to beat Wolves goalkeeper Michael Oakes at the far post.
QPR dominated, with Marc Bircham firing wide and Oakes making great saves from Paul Furlong and then Gallen.
And Wolves took advantage when Cort, who had already forced a fine save from Simon Royce, fired home a comprehensive finish from the edge of the area.
QPR boss Ian Holloway:
"I heard a few boos and all I can say is shut up.
"Look at the facts, look at what their players are paid compared to ours, yet
we are ahead of them with games in hand.
"They brought on a player who once cost £7m - I wish I could do that.
"I was disappointed with their goal but that was only their second shot on
target all night so to the people who booed - boo to you."
Wolves boss Glenn Hoddle:
"Carl was looking anxious and I said to him I would try and take the chains off his shoulders.
"When I put him on I told him the chains were now off and I think he proved
"It is a frustrating sequence with another draw but I was pleased with the
way we passed the ball and in the end, they were holding on for dear life."
QPR: Royce, Bignot, Shittu, Rose, Edghill, Rowlands, Bircham (Miller 86), Santos, Cook (Ainsworth 89), Gallen, Furlong.
Subs Not Used: Day, Padula, Cureton. Booked: Santos, Bignot.
Goals: Gallen 11.
Wolverhampton: Oakes, Edwards, Lescott, Craddock, Naylor, Andrews (Cort 78), Ince, Cameron (Cooper 64), Seol (Olofinjana 64), Miller, Clarke.
Subs Not Used: Ikeme, Bjorklund. Booked: Lescott, Cameron.
Goals: Cort 85.
Ref: M Atkinson (W Yorkshire).