Stephen Elliott's 80th minute goal allowed Sunderland to leave Moulineux with a point as Mick McCarthy and Roy Keane came face-to-face as managers.
McCarthy and Keane shook hands before and after the game
Jemal Johnson gave Wolves the lead just before the interval when he hit an unstoppable shot past Darren Ward.
Earlier Ward had saved superbly to stop a header from Jody Craddock, who also had a volley cleared off the line.
Ward kept his side in the game after the break, before Elliott's deflected shot found its way past Matt Murray.
Wolves manager Mick McCarthy:
"Everybody has been dragging the row out.
"The media were desperate to see a bad reaction but all you've seen is a very good reaction and a terrific match.
"We're two ultra competitive guys and perhaps we're an example to others."
Sunderland manager Roy Keane:
"It's all history.
"The media have made a bigger issue of it than it is. I find it quite boring now. We'll have a drink later, just like I do with the other managers.
"The performance wasn't great - we didn't pass well, but credit to the players as they dug deep."
Wolverhampton: Murray, Little, Breen, Craddock, Clapham,
Gobern, Olofinjana, Henry, Jones, Bothroyd (Clarke 63),
Johnson (Craig Davies 84).
Subs Not Used: Ikeme, Collins, Potter.
Goals: Johnson 43.
Sunderland: Ward, Whitehead, Collins, Varga, Nyatanga,
Miller (Kavanagh 64), Leadbitter, Yorke (Hysen 46),
Wallace (Nosworthy 76), Stephen Elliott, Connolly.
Subs Not Used: Carson, Caldwell.
Booked: Yorke, Varga.
Goals: Stephen Elliott 80.
Ref: M Pike (Cumbria).