McSheffrey slotted home his 16th goal of the season with a coolly taken free-kick on the hour to complete Coventry's comeback from trailing 2-0 after just 22 minutes.
Wolves, whose play-off hopes have now all but disappeared for another year, only had themselves to blame for not sending Coventry crashing to a 12th away defeat of the season.
Paul Ince and Colin Cameron, who was recalled from his loan spell at Millwall just 24 hours before the game, had fired Wolves into a two-goal lead.
But Stern John gave Coventry a lifeline and McSheffrey then capitalised on some dismal Wolves finishing to complete the comeback and sentence Glenn Hoddle's side to their 18th draw of the season.
Wolves could not have made a better start as they scored after just 80 seconds when Ince rifled home his third goal of the season from a 20-yard free-kick after Dennis Wise had fouled Tomasz Frankowski.
Their advantage should have been short lived in an open and free flowing game as John wasted a golden chance to equalise in the 19th minute when he strolled around central defender Jody Craddock only to pull his shot across the face of the goal.
It proved to be a costly miss by the World Cup bound Trinidad & Tobago international as Wolves increased their advantage three minutes later after a surging run by Jeremie Aliadiere.
He fed the ball into the path of Cameron who calmly slotted beyond goalkeeper Marton Fulop from the edge of the area.
Considering their dismal away record, Coventry then looked set to be swept aside by a rampant Wolves.
But John made amends for his earlier miss to hand them a way back into the game when he beat Craddock and Joleon Lescott to a cross from Marcus Hall to nod home his eighth goal of the season at the far post.
Wolves were stung by John's strike and with better finishing they would have been out of sight by half-time`
But Mark Kennedy hit the post as well as being denied by Fulop who also saved a point-blank shot from Frankowski.
They were costly misses by Wolves and McSheffrey made them pay the ultimate price with his classy strike after skipper Stephen Hughes had been hauled down by Lescott.