But South Korean Seol struck a superb 25-yarder in the dying moments to sink the South Londoners and continue the Glenn Hoddle revival at the Midlands outfit.
The sides had already met twice this season, with both teams winning once each. The most recent clash came just two weeks ago in the FA Cup, when Millwall appeared intent on making up for the early exit.
Kevin Muscat made his first appearance against Wolves since leaving Molineux to join Rangers in 2002. The midfielder moved on to Millwall a year later but did not appear in either of the clashes earlier this season due to injury.
However, he almost made up for that with an outrageous attempt on goal on 18 minutes. The Lions were awarded a free-kick just inside the Wolves half and Muscat sent a long-range effort flying towards goal.
But goalkeeper Michael Oakes managed to avoid embarrassment and pushed the ball over the bar.
Nine minutes later the visitors came within inches of taking the lead against the run of play. Neat build up play led to Kenny Miller flicking the ball to Seol, who in turn lifted the ball over Millwall keeper Graham Stack.
The ball appeared to be creeping into the corner of the net, only for Lions defender Matt Lawrence to produce a brilliant goal line clearance.
Wolves began to get a grip on the game, and with ten minutes of the first period remaining the game sparked into life.
A smart free-kick from Milwall saw Lawrence head across goal and defender Alan Dunne looped a header against the visitors' crossbar.
Almost immediately Wolves broke away to score the first goal of the game. Paul Ince threaded a pass through to Miller, and the forward guided the ball wide to Olofinjana, who was in space on the right side.
The Nigerian international kept his composure to slot the ball past Stack for his fifth goal of the season.
On the stroke of half-time Barry Hayles should have equalised. The Lions striker latched on to a Lawrence pass and out-muscled Mark Clyde, but was unable to hit the target and his side-footed effort trickled wide.
Millwall came out for the second half desperate to snatch an early equaliser, and it was only the awareness of Wolves keeper Oakes which denied them.
After 51 minutes Scott Dobie headed Dunne's cross goalwards, but Oakes managed to flick the ball over the bar.
With just over half an hour left Wise and Paul Ifill were introduced in a bid to grab the leveller.
And in the 68th minute Dunne thought he had found the elusive goal, only for Oakes to pull off another top save as he tipped a curling shot from 18 yards over the bar.
Wolves appeared to be doing their job of shutting the Lions out effectively as they headed into the last 15 minutes - only for a 77th minute penalty to shatter their hard work.
Joleon Lescott was harshly judged to have pulled down Hayles in the penalty area and Wise stepped up to thump his spot-kick straight down the middle to pull the scores level.
Wise's men pushed on in the closing stages to try and sneak a winning goal and increase their promotion chances.
But they were caught on the hop and it was Wolves who stole all three points when Seol took his time before unleashing a superb drive into the bottom corner of the Millwall net.