Darren Anderton almost gave the hosts a lead in the first minute but his rasping shot was well saved by the outstanding Romain Larrieu.
But Plymouth went ahead against the run of play on 21 minutes when Elliot Ward converted Tony Capaldi's corner.
Colin Cameron levelled 10 minutes later from Kenny Miller's fine through-ball but despite numerous chances, Wolves could not find a winner.
Plymouth manager Tony Pulis:
"We're four games unbeaten and have to enjoy coming to places like this.
"We have Leeds on Monday and it will be another hard game for us.
"In the first-half, Wolves were fantastic. They were the best totalling side we have faced this season."
Wolverhampton: Postma, Craddock, Lescott, Gyepes, Ross (Seol 69), Cameron, Huddlestone, Anderton (Ince 69), Kennedy, Clarke (Ganea 62), Miller.
Subs Not Used: Oakes, Ricketts.
Goals: Cameron 31.
Plymouth: Larrieu, Connolly (Lasley 77), Ward, Doumbe, Barness, Norris, Wotton, Jarrett, Capaldi, Evans, Chadwick (Derbyshire 90).
Subs Not Used: McCormick, Buzsaky, Aljofree.
Goals: Ward 22.
Ref: P Armstrong (Berkshire).