Wolves manager McCarthy and Sunderland boss Keane were meeting in public for the first time since their infamous bust-up before the 2002 World Cup Finals.
They had made their peace before the game and shared a handshake on the touchline prior to kick-off as McCarthy had promised.
McCarthy looked set to come out on top when Jemal Johnson fired Wolves ahead with a stunning strike on the stroke of half-time.
But Sunderland displayed the never-say-die attitude that epitomised Keane as a player and they were rewarded ten minutes from time.
Stephen Elliott - who had scored twice in the 3-1 win against Colchester United in the previous game - struck with a deserved equaliser.
But the share of the spoils owed as much to the display of goalkeeper Darren Ward as Elliott's late, late show.
Welsh international Ward pulled off four world-class saves, twice in the first half from Jody Craddock and after the break from Jay Bothroyd and Leon Clarke.
Clarke's miss was crucial as he only had Ward to beat and Sunderland took full advantage six minutes later to capitalise through Elliott.
Sunderland had slowly been building up a head of steam in the final 20 minutes with David Connolly and Tobias Hysen going close before Wolves finally wilted.
When Craddock was unable to clear a long ball into the area, Elliott rammed home his shot from 12 yards.
Wolves only had themselves to blame for throwing away a golden chance to secure their seventh home win of the season.
Johnson, who was recalled after missing the last five games, looked to have put them on their way when he ended his goal drought that had stretched back to the 1-0 win over Luton Town on August 26.
But the failure to find their way past the inspired Ward more than once proved to be their undoing. Wolves should have been well in control before Johnson struck but for Ward and full-back Dean Whitehead.
Ward had hardly touched the ball before the 26th minute when he turned away a header from former Sunderland centre-half Craddock.
While Ward was able to deny Craddock by himself on that occasion, he needed the help of Whitehead 14 minutes later. This time Craddock met a Lewis Gobern corner with a fierce volley that Ward could only half-stop before Whitehead hacked it off the line.
But there was nothing that Ward could do when Johnson cut in from the left wing two minutes before half-time and let rip with a fierce drive from 30 yards.