Sylvan Ebanks-Blake's penalty in the 52nd minute gave the visitors the point they needed to stay in touch with sixth-placed Crystal Palace.
Wolves had trailed early on after Coventry defender Elliott Ward scored his fourth goal in three games after he headed in Dan Fox's free-kick after 16 minutes.
It was a game both sides desperately wanted to win, three points would have almost guaranteed Championship football for the struggling Sky Blues, while Wolves could have overtaken Palace.
Both sides were nervous in the early exchanges, with neither settling well.
The breakthrough came by chance, after Seyi Olofinjana brought down Ward 30 yards from goal. Fox's precise ball into the box was met well by Ward, whose glancing effort went past Wayne Hennessey into the bottom corner of the net.
The rest of the first half remained cagey, with Wolves creating the only real chance when Andy Keogh's header bounced down and over the bar.
The second period saw both sides step-up a gear, but it was the visiting side who were to take advantage.
Keogh's neat backpass sent Michael Kightly clear on the right of the box until he was needlessly brought down by defender Scott Dann.
The skilful Ebanks-Blake, who caused the Sky Blues' defence problems all afternoon, stepped up to send the penalty into the back of the net.
Ebanks-Blake could have snatched a win, but Kasper Schmeichel made a double save in the fifth minute of injury time.