West Bromwich Albion 1 (Velas 90+2)
Wolves 1 (O'Hara 40)
A goal from Albion substitute Carlos Vela, two minutes into stoppage time, meant that Wolves had to be satisfied with a point after Jamie O'Hara's first goal for the club looked like yielding the maximum reward.
The only change to the Wolves starting line-up saw Kevin Foley returning in right midfield in place of Adam Hammill who was named as a substitute.
Albion kicked-off attacking the Birmingham Road end but it was the visitors that posed the first threats with O'Hara's probing run ending with a shot that was cleared by Jonas Olsson, and George Elokobi's centre being hooked away.
Wayne Hennessey failed to collect a Nicky Shorey cross cleanly but Peter Odemwingie put the ball behind as he attempted to return it into the six-yard box.
Hennessey had to run from his area to clear from Odemwingie who was chasing down a long through ball and when play switched to the opposite end Karl Henry blasted the ball high over the bar after Olsson had headed out a Matt Jarvis cross.
In the 13th minute O'Hara met another Jarvis centre but his header lacked power and direction as it drifted wide.
Hennessey made a good save from an Olsson header following Chris Brunt's corner but the referee indicated a foul as he waved play on.
Gabriel Tamas was two-yards wide with a header after another Brunt corner and then Christophe Berra's clearing header only just missed the far post as he and Paul Scharner went for a Shorey centre from the left.
Marc-Antoine Fortune headed a Graham Dorrans cross over from close quarters although the offside flag had been raised, before a clever piece of work from Jarvis carved open the Albion defence.
The winger's back heel rolled along the touchline and with the home players obviously thinking the ball was going out, Nenad Milijaš took possession and delivered a cross that was just too high for Kevin Doyle.
But a Tamas foul on Doyle led to Wolves taking a 40th minute lead. With everyone expecting Milijaš to take a shot at goal, the Serb squared the ball to O'Hara who curled it into the roof of the net (pictured).
A minute from the break, Doyle took the ball from the half-way line to the edge of the Baggies box before he lost out in a tackle with Olsson.
Half-Time: Albion 0 Wolves 1
After exchanging passes with Jarvis, O'Hara jinked his way into the home area but his low cross was hacked clear.
Wolves should have strengthened their lead in the 51st minute when Olsson's poor header let in Jarvis whose shot rolled agonisingly wide of the far post with Boaz Myhill beaten.
Three minutes later Henry lost out in a midfield challenge with Odemwingie. The striker raced to the edge of the area before slipping a pass to Fortune whose shot was deflected behind by Berra.
Elokobi blocked a dangerous effort from Odemwingie and then Scharner fired over the bar after he had latched onto a clearance from Richard Stearman.
Myhill punched clear a Milijaš free-kick after Doyle had been fouled by Dorrans to the left of the Albion area, and then Fortune missed a sitter when he failed to control an Odemwingie cross.
Midway through the half, Sylvan Ebanks-Blake replaced Milijaš just seconds before Jarvis rescued Wolves as he headed Olsson's header off the line following a Brunt corner.
Albion introduced Vela for Dorrans and the Mexican was soon in the thick of things with Hennessey making a good save from a shot that took a deflection off Stearman.
Tamas was inches away from scoring an own goal as he diverted a Doyle cross past the post but it was the home fans that were celebrating after Vela's last gasp point saver.
Hennessey couldn't hold onto James Morrison's 20-yard drive and the ball spooned up off the keeper's legs for Vela to volley into the empty net.
Albion: Myhill, Olson, Brunt (capt), Thomas (Morrison 61), Dorrans (Vela 73), Shorey, Odemwingie, Fortune, Tamas, Scharner, Jara (Reid 84).
Unused subs: Kiely, Tchoyl, Ibanez, Cox.
Wolves: Hennessey, Zubar, Elokobi, Milijaš (Ebanks-Blake 69), Berra, Stearman, Foley (Ward 85), Henry (capt), Doyle, O'Hara, Jarvis (Craddock 90).
Unused subs: Hahnemann, Fletcher, Jones, Hammill.
Referee: M. Dean.
Bolton Academy Under 18s 3 Wolves 1 (Ihiewke)