Everton 1 (Cahill 43)
Wolves 1 (Ebanks-Blake 74)
After being on the wrong end of a first-half battering at Goodison Park, Wolves hit back after the break to level matters through Sylvan Ebanks Blake and take a point for the second successive season from a visit to Everton.
George Elokobi and Kevin Doyle came in for the injured Jelle Van Damme and Steven Fletcher in an otherwise unchanged Wanderers team
In the first two minutes pushes by Jody Craddock and Christophe Berra resulted in free-kicks both taken by Mikel Arteta. Marcus Hahnemann had no difficulty in collecting the first and the referee ruled the keeper was fouled as he went for the second.
Berra was then penalised for a challenge on Jermaine Beckford and again it was Arteta that lifted the free-kick into the area. Beckford headed the ball back to Diniyar Bilyaletdinov who charged in and blasted a shot high over the bar.
Wolf's first threat came after Doyle had been fouled by Phil Jagielka to the left of the Everton box but Matt Jarvis's free-kick curled straight into the arms of Tim Howard.
Craddock had to nip across smartly to clear as Beckford broke into the right of the visitors area, before Karl Henry was pulled up for a tackle on Steven Pienaar some 25-yards out from Hahnemann's goal.
The Wolves skipper argued, with justification, that he had won the ball but justice was done when Leighton Baines was wide with the free-kick.
Hahnemann made a fine fingertip save as he turned over a 22-yard drive from John Heitinga and from the resultant corner, taken by Arteta, Tim Cahill headed over the bar.
Jarvis was well wide with a shot on the turn from just outside the Everton box, and then the referee appeared to bow to crowd pressure as he booked Elokobi for an innocuous looking challenge on Arteta.
Pienaar lifted a drive over the bar after Cahill had played the ball back to him and Bilyaletdinov shot wide as Everton continued to dominate proceedings.
Shortly before the break, Stephen Ward fouled Arteta in the box but the referee, who was right up with play, amazingly gave the kick on the 18-yard line.
Arteta's free-kick hit the wall and Craddock appeared to be fouled by Cahill as he attempted to clear. As the defender fell to the ground Cahill rifled the ball into the roof of the net.
Half-Time: Everton 1 Wolves 0
There was little of note to trouble either keeper in the opening minutes after the break before Mick McCarthy made a change sending Adlene Guedioura on in place of Elokobi.
Ward dropped back into defence, Guedioura played on the right of midfield and Jarvis switched to the left.
Bilyaletdinov completely missed the ball as he spun onto a centre from Cahill, before some pressure from Wolves earned them a corner which was taken by Jarvis. Craddock ran in at the near post but his flick only found the side netting.
A fierce drive from Bilyaletdinov bounced to safety off Craddock and then both Pienaar and Bilyaletdinov needed attention after two challenges in quick succession from Berra - neither of which warranted a free-kick.
In the 70th minute Beckford broke from his own half and sprinted into the Wolves box. He was about to pull the trigger what Ward ran across to clear with a timely intervention.
Greg Halford replaced Dave Jones and within seconds of his introduction he lifted a long throw into the box. Craddock headed the ball back to Jarvis but his first time shot was way too high.
It was thanks to the determination of Guedioura that Wolves drew level in the 74th minute. The Algerian midfielder won the ball from Heitinga and raced into the Everton half before slipping a pass to Doyle on the right.
Doyle kept his head as he spotted Ebanks-Blake running in and laid a perfect low cross into his path for the striker to stroke the ball home.
Halford sent a volley over the far angle and then he was booked for a late challenge on Baines just outside the Wolves area.
The game reached a frenetic climax with Howard saving a curling effort from Ebanks-Blake before Everton substitute Louis Saha headed onto the roof of Hahnemann's net after a cross from Leon Osman.
A fine piece of skill from Jarvis saw the winger jink his way to the by-line but his low cross was cut out by Sylvain Distin and then Jarvis went close to snatching all three points with stoppage time cross-shot.
Everton: Howard, Hibbert, Baines, Heitinga (Fellaini 83), Jagiellka, Bilyaletdinov (Osman 83), Arteta (capt), Distin, Beckford (Saha 71), Cahill, Pienaar
Unused subs: Mucha, Gueye, Coleman, Rodwell.
Booking: Heitinga (77 - foul)
Wolves: Hahnemann, Foley, Elokobi (Guedioura 53), D. Jones (Halford 70), Berra, Craddock, Jarvis, Henry (capt), Ebanks-Blake (Stearman 90+2), Doyle, Ward.
Unused subs: Hennessey, Keogh, Milijaš, Zubar.
Bookings: Elokobi (35 - foul), Halford (84 - foul).
Referee: L. Mason.
Ipswich Town Academy under 18s 0 Wolves 5 (Kempton 3, A. Landell, own goal)