After an encouraging first-half from the Magpies, Jamaal Lascelles' header from Ryan Fraser's impressive cross sent United into the lead shortly after the restart before Rúben Neves' header levelled the Premier League clash to deny Steve Bruce's side back-to-back victories at St. James' Park.
The United head coach made one change to the side which suffered a 3-1 defeat at Manchester United last weekend as Martin Dúbravka was handed his first Premier League start of the season in place of Karl Darlow.
The first attempt at goal was created by the hosts as Isaac Hayden rose high from Joe Willock's teasing cross but the midfielder's header towards goal was comfortably held by Wolves goalkeeper Rui Patrício.
The Magpies were unfortunate not to take the lead minutes later as Miguel Almirón, who had netted three goals in his last three games at St. James' Park, struck the post.
After beating the offside trap following Jonjo Shelvey's neat pass, the Paraguayan raced towards goal with Patrício to beat from an angle but saw his effort clip the outside of the far post.
Newcastle continued their presence in front of goal as Joelinton tested Patrício with a stinging drive, with the Portuguese shot-stopper pushing away the Brazilian's attempt with a strong hand.
The hosts looked to have taken the lead as Allan Saint-Maximin brilliantly danced through the Wolves defence before picking out Joe Willock in the middle and after the midfielder's low strike was saved by Patrício, Saint-Maximin tapped the rebound home from close-range but saw his effort ruled out after the Frenchman advanced into an offside position.
Dúbravka was forced into keeping Wolves at bay after the half-hour mark as Neves' swinging cross found Adama Traoré at the back post but the Spaniard's header was pushed onto the post by the Slovakian goalkeeper.
Pedro Neto missed a key chance to open the scoring as the Portuguese youngster was teed up by Traoré after the Spaniard raced beyond Emil Krafth on the right wing
United began the second-half in bright fashion and were rewarded in the 52nd minute as Lascelles broke the deadlock with his first Premier League goal since netting against Wolves in last season's fixture at St. James' Park.
Ryan Fraser made an instant impact following his introduction for the second-half in place of the injured Miguel Almirón, as the Scot's curling cross was met by the head of Lascelles before the United captain guided a firm header beyond Patrício.
Allan Saint-Maximin and Emil Krafth were both forced off through injury before the Magpies were delivered another difficult blow as Wolves equalised in the 73rd minute.
After Neto picked up the ball on the right wing, the 20-year-old's cross was met by Neves who adjusted his body before guided his powerful header past Dúbravka.
Newcastle missed a glorious opportunity to retake the lead as Jacob Murphy dangerously advanced into the penalty area before cleverly teeing up Joelinton but the forward's goal bound strike was crucially blocked by Romain Saïss before the loose ball bounced onto the roof of the net.
Wolves thought they had snatched three points in stoppage-time as Saïss' lofted ball into the box found Fabio Silva but the teenager's close-range header was vitally pushed onto the woodwork by Dúbravka to the visitors' amazement as the contest finished in a 1-1 draw, a fifth consecutive scoreline between the two clubs.
Newcastle United: Martin Dúbravka, Emil Krafth (Matt Ritchie 71), Jamaal Lascelles (c), Ciaran Clark, Jamal Lewis, Jonjo Shelvey, Isaac Hayden, Joe Willock, Miguel Almirón (Ryan Fraser 46), Allan Saint-Maximin (Jacob Murphy 63), Joelinton.
Subs not used: Karl Darlow, Paul Dummett, Jeff Hendrick, Sean Longstaff, Dwight Gayle, Andy Carroll.
