Claus Lundekvam was sent off for a second bookable offence in a game which produced seven other yellow cards.
Wolves failed to make their first-half dominance count, with Carl Cort powering a header against the bar.
After a punchless first period, Saints improved after the break and Ricardo Fuller twice missed the target when well placed.
Wolves boss Glenn Hoddle:
"We have to make sure drawing doesn't become a pattern, we have to put teams to the sword.
"It was only a good point if if we take advantage and get the right results from our next two home games.
"But at the end of a long season, this might turn out to be a valuable point for us."
Southampton: Niemi, Hajto, Lundekvam, Powell, Higginbotham, Belmadi (Wise 50), Oakley, Quashie, Prutton, Fuller (Delap 90), Jones (Walcott 73).
Subs Not Used: Smith, Cranie.
Sent off: Lundekvam.
Booked: Lundekvam, Powell, Wise, Hajto.
Wolverhampton: Oakes, McNamara, Edwards, Lescott, Naylor, Ricketts, Ince, Kennedy, Cort, Seol (Olofinjana 78), Miller (Clarke 85).
Subs Not Used: Ikeme, Craddock, Cameron.
Booked: Seol, Kennedy, Miller, McNamara.
Ref: T Kettle (Berkshire).