Carroll followed up his hat-trick against Aston Villa with a superb header to cancel out Sylvan Ebanks-Blake's second goal of the campaign - as many as he managed in the whole of last season.
Saturday's Molineux meeting was an old-fashioned blood and thunder type of game, with the tackles flying in from both sides throughout the 90 minutes. Wolves had seven players booked and Newcastle five.
The Magpies demolished managerless Villa 6-0 last weekend and they created plenty of chances against Mick McCarthy's side.
Skipper Kevin Nolan, in particular, will feel he should have been more clinical in front of goal on at least two occasions.
Carroll gave more glimpses of his potential and was a constant source of danger.
But Wolves have developed a never-say-die attitude under McCarthy and this was typified by Karl Henry's driving display in midfield.
Newcastle looked the better side in the early stages. Jonas Gutierrez found Wayne Routledge in space after a fine run. He took the ball wide of Marcus Hahnemann, after he had come off his line, but no-one was able to get on the end of his low cross.
Hahnemann was upset at the challenge of Carroll when he headed over from a Gutierrez cross but it appeared to be perfectly legitimate and no free-kick was awarded.
Wolves defender Jody Craddock needed treatment after suffering a bloody head and resumed with it heavily bandaged.
The first clear-cut chance fell after 18 minutes to Nolan after a misdirected header from Jelle Van Damme, but he failed to make full contact on his low shot. Hahnemann blocked and then held onto the rebound effort.
Wolves striker Kevin Doyle became the first player to be cautioned after 22 minutes for dissent.
Ebanks-Blake missed a great chance to put Wolves ahead after 26 minutes from their first corner of the game.
The former Plymouth striker was unmarked only a couple of yards out but headed David Jones' centre against the far post.
Van Damme could have no complaints for being yellow-carded after 38 minutes for a late challenge on Gutierrez as he burst down the line.
Nolan should have done better when he volleyed over from 10 yards from Routledge's cross.
But Carroll was guilty of a glaring miss three minutes before the interval.
Nolan teed him up eight yards out but he shot over the bar and was then booked for protesting after feeling he should have been awarded a corner.
It proved a costly miss as Wolves went ahead 60 seconds later through Ebanks-Blake's second goal in two games.
Van Damme's floated centre was brought down by the striker and he then hammered a low drive past Harper.
In stoppage time, Jarvis became the third Wolves player to be booked for a rash challenge on Joey Barton.
Barton was fortunate to escape a booking in the early stages of the second half after leaving his foot in on Van Damme.
The Belgian defender was clearly struggling for fitness after the tackle and had to be replaced in the 55th minute by Ronald Zubar.
Zubar was cautioned after a challenge on Gutierrez and, from the free-kick, Carroll brought Newcastle level.
Barton's inswinging centre picked out Carroll, whose powerful header flew past Hahnemann for his fourth goal in the last two games.
The yellow cards continued to mount with Nolan booked after fouling Christophe Berra.
Hahnemann then did well to keep out a powerful effort from Nolan after he pounced on a Routledge cross.
McCarthy made a double change after 71 minutes with Steven Fletcher and Adlene Guedioura replacing Doyle and Jones.
Barton shot wide after being teed up by Nolan before the impressive Carroll made way for Shola Ameobi.
Ameobi almost made an instant impact as his header was cleared away from almost under his own bar by Ward with Nolan ready to pounce.
The bookings continued to come thick and fast with Guedioura, Berra and Henry taking Wolves' tally to seven.
Newcastle were looking the more likely to snatch a winner as the game entered the closing minutes.
Ameobi and James Perch became the third and fourth Newcastle players to be yellow-carded for challenges on Kevin Foley and Jarvis as the sides had to settle for a point apiece.