Reading began brightly, with wingers John Oster and Bobby Convey dangerous outlets down either wing.
Oster offered the first real threat on goal, flicking Nicky Shorey's left-wing cross towards goal and prompting a quick reaction from Wolves keeper Stefan Postma.
Postma was in action again soon after, diving low to keep out Convey's shot after Lee Naylor had made a mess of his clearance.
But Wolves were creative too and did manage to get the ball in the Reading net, though an offside flag had gone up long before Jeremie Aliadiere turned and shot home.
Moments later, Aliadiere wasted a glorious chance to break the deadlock when he tried to cut the ball back instead of shoot when well placed and saw Ivar Ingimarsson cut out the danger.
But Reading were far more clinical on 23 minutes as Convey fired them ahead.
Another defensive slip by Naylor allowed Oster to turn into space and cut a clever pass back to the unmarked Convey, whose left-foot strike flew into the roof of Postma's net.
Wolves were nearly back on level terms when Mark Davies bundled past Ibrahima Sonko but goalkeeper Marcus Hahnemann dived bravely at his feet and Graeme Murty completed the clearance in front of an empty net.
But Reading should have doubled their advantage on the stroke of half-time, when Oster's chip to the far post saw the inrushing Sonko head wide with the goal at his mercy.
And Reading wasted further chances to extend their lead before Wolves equalised midway through the second half.
Kevin Doyle saw a clever chip drop just wide of the far post and Dave Kitson nearly scored a freak goal when he charged down Postma's attempted clearance, forcing the keeper to slide back and grab the ball as it bounced goalward.
Postma appeared to carry the ball over the line under heavy pressure from Kitson, but was strangely allowed to play on by referee Peter Walton, who had presumably seen a push by the Reading striker.
Wolves posted a warning when James Harper's fluffed clearance allowed Tomasz Frankowski to fire a shot that Hahnemann pushed over.
And the visitors were on level terms on 64 minutes, when Miller tried to play Frankowski clear and Ingimarsson's tackle sat up invitingly for Miller to crash home a clinical shot from the edge of the box.