With six minutes left, Ricketts, on loan from Tottenham, picked the ball up in midfield and cut inside Ibrahima Sonko before rolling the ball home.
Reading had taken an early lead through Nicky Forster's delightful lobbed volley, but Leon Clarke's deflected header brought Wolves level.
Wolves manager Glenn Hoddle:
"We controlled the midfield and they never really got to grips with Seyi George Olofinjana.
"I told them in the team talk that Reading would have to change the way they played to cope with him and they did that late in the game."
Reading: Hahnemann, Murty, Keown, Sonko, Hughes, Little (Ferdinand 74), Sidwell, Harper, Brooker (Ingimarsson 62), Forster, Kitson.
Subs Not Used: Convey, Newman, Young.
Goals: Forster 8.
Wolverhampton: Oakes, Naylor, Lescott, Craddock, Edwards, Olofinjana, Cameron, Ricketts, Seol, Miller, Clarke (Bischoff 90).
Subs Not Used: Cooper, Clingan, Cornes, Jones.
Booked: Olofinjana, Seol, Ricketts.
Goals: Clarke 53, Ricketts 84.
Ref: R Styles (Hampshire).