Blades boss Neil Warnock punched the air at the end of a disappointing game, clearly pleased with the result despite Reading's latest win taking them top.
United were never troubled, and the match was in injury time when Wolves managed their first on-target effort - a half-hit shot by Vio Ganea.
Sheffield United manager Neil Warnock:
"The title is never won or lost at this stage of the season and I don't think
it makes any difference whether we or Reading are top.
"They have gone 23 games undefeated yet they're only a point ahead.
"Coming here and getting a draw is like safely jumping over Bechers Brook at the Grand National. I punched the air in delight at the final whistle."
Wolverhampton: Postma, Edwards (Gyepes 77), Lescott, Craddock, Naylor, Seol, Cameron (Anderton 77), Huddlestone, Kennedy, Ganea, Ndah (Clarke 77).
Subs Not Used: Oakes, Olofinjana.
Booked: Ndah, Seol, Clarke.
Sheff Utd: Kenny, Geary, Bromby, Jagielka, Wright, Gillespie, Montgomery, Tonge, Quinn, Shipperley (Pericard 86), Webber (Ifill 90).
Subs Not Used: Kabba, Nalis, Kozluk.
Ref: N Miller (Durham).