Jamie Cureton scored 15 minutes from time to earn Norwich a point.
Norwich keeper David Marshall had to save from Neill Collins and Karl Henry before he was finally beaten when Andy Keogh headed home Michael Gray's cross.
City had created little but levelled when Dion Dublin teed up Cureton to fire home from the edge of the area.
Cureton could have won it for Norwich when he dragged his shot wide from 12 yards out but only a fine Marshall save denied Jay Bothroyd late on.
Norwich manager Glenn Roeder:
"I have to admit that we were not the better side over the 90 minutes but
having said that, on chances created we could have won the game.
"We didn't play as well as we can do, but I haven't said that too often recently so there's no way I'll be criticising my players.
"We have raised expectations, which is good. I can't praise the team enough."
Wolves boss Mick McCarthy:
"At the end of the day, I'll take a point but I'm not happy with it because we should have won the game.
"I think everyone could see we played well enough, and created enough chances, to have come away from here with all three points.
"You come back to the lack of goals. We should have scored more than one and in the end we got punished for that."
Norwich: Marshall, Otsemobor, Shackell, Doherty, Camara, Smith (Croft 50), Russell, Pattison, Huckerby (Brown 84), Cureton, Evans (Dublin 56).
Subs Not Used: Arnold, Spillane.
Booked: Camara, Shackell, Pattison.
Goals: Cureton 75.
Wolverhampton: Hennessey, Foley, Darren Ward, Collins, Gray (Edwards 87), Gibson, Olofinjana, Henry, Stephen Ward, Keogh (Elliott 73), Bothroyd.
Subs Not Used: Ikeme, Jarvis, Eastwood.
Booked: Olofinjana, Henry, Gibson, Stephen Ward.
Goals: Keogh 52.
Ref: Lee Probert (Wiltshire).