Kidderminster Harriers' hopes of pulling off a dramatic FA Cup giantkilling act were foiled when Alex Rae equalised for grateful Wolves in the 89th minute.
His last-gasp effort cancelled out a 77th minute goal from substitute John Williams.
The deadlock gave hard-up Kidderminster a money-spinning replay at Molineux on Tuesday January 13.
Their director of football Jan Molby said: "We were upset because they scored so late, but I suppose we would have been delighted with a draw at the start.
"All the players were magnificent. It was not a battling performance. We played some great football and at times we gave them a lot of problems.
"With no disrespect to Wolves I thought we were the better side for the 90 minutes." Molby's third division relegation fighters were quickly into their stride and frequently worried Wolves with some neat passing movements.
Despite having more than their fair share of the ball, Kidderminster were unable to test Wolves keeper Michael Oakes with an on-target shot in the first half.
As the opening period progressed Dave Jones' Premiership strugglers began to look slightly more effective up front with home keeper Stuart Brock having to stop a deflected shot from Colin Cameron and another effort from Mark Kennedy.
Kidderminster's rock solid defender Wayne Hatswell was also forced to give away a corner to cut out a dangerous header from Kenny Miller.
The home side's main scoring efforts in the first 45 minutes came from a volley by Bo Henriksen and a header from former Wolves man Graham Ward.
After the break untiring Kidderminster continued to plug away and it was no major shock when former Coventry City striker John Williams turned to bury his shot into the bottom corner of the net.
He had only been on the field for three minutes after being brought on for Henriksen.
Stunned Wolves looked to be heading out of the Cup until they got out of jail with Rae's face-saving equaliser.