Tommy Miller's last-gasp free-kick salvaged a draw for Ipswich as Wolves' play-off hopes suffered a massive blow.
The visitors started well and Miller had a shot block by Jody Craddock and Jonathan Walters fired over the bar.
Sylvan Ebanks-Blake missed a good chance in the first half but made amends when he pounced on a loose ball to fire Wolves in front.
Ipswich got a point when Miller sent a superb free-kick from 20 yards into the top right-hand corner.
• Wolves boss Mick McCarthy: "It's a bitter pill to swallow that - isn't it?
"I'm not sure the players deserved that. I really don't want what has happened to let that happen - it was a well-taken free-kick.
"I feel for the players they have given everything. All we can do is come back tomorrow and regroup.
"I can't ask any more of my players - they are desperately trying to win. If we are not good enough for promotion then that is it."
• Ipswich boss Jim Magilton: "I thought we deserved something from the game.
"The goal we conceded was a poor one defensively but we kept going and you have got to give the players great credit.
"It was a great free-kick and I thought Tommy Miller played very well.
"It was an important point but how important we won't know until the end of the season. We will keep going and see where it takes us."
Wolverhampton: Hennessey, Foley, Collins, Craddock, Elokobi, Jarvis, Olofinjana, David Edwards (Breen 17), Gray (Kightly 46), Keogh, Ebanks-Blake (Kyle 86).Subs Not Used: Stack, Elliott.
Booked: Olofinjana, Foley.
Goals: Ebanks-Blake 73.
Ipswich: Bywater, Simpson, De Vos, Bruce, Wright, Haynes (Lee 77), Miller, Garvan, Quinn, Walters, Counago (Rhodes 84).Subs Not Used: Colgan, Williams, Sito.
Booked: Bruce.
Goals: Miller 90.
Att: 26,072.
Ref: Scott Mathieson (Cheshire).
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