Paul Ince put Glenn Hoddle's side ahead after only two minutes when he swept home a 25-yard free-kick.
Colin Cameron added a second from Jeremie Aliadiere's pass after 22 minutes, but Stern John swiftly replied for Coventry with a neat header.
And Gary McSheffrey equalised on the hour, when he curled home another stunning long-range free-kick.
"We did enough to win the game today but it didn't happen for us and that's been the story of our season.
"It's too soon for post mortems though because there are games left to play."
Coventry manager Micky Adams:
"I don't think I've ever seen anything like the start we had to the game.
"We gave away a free-kick, have a player booked and then concede a goal all inside the first minute? It was disastrous.
"But after losing our last two games we needed to get back on track and give an honest and hard-working performance.
"We did that and in the end I thought we were unlucky not to have won."
Wolverhampton: Postma, Ross, Craddock, Lescott, Naylor, Ince, Cameron, Kennedy, Frankowski (Cort 67), Aliadiere (Ricketts 85), Seol (Davies 66).
Subs Not Used: Oakes, Little.
Booked: Cameron, Ross.
Goals: Ince 2, Cameron 22.
Coventry: Fulop, Duffy (Whing 79), Williams, Page, Hall, Scowcroft (Adebola 49), Wise, Hughes, Doyle, McSheffrey (Hutchison 87), John.
Subs Not Used: Heath, Thornton.
Goals: John 25, McSheffrey 60.
Ref: D Gallagher (Oxfordshire).