After a goalless first half at Molineux, Lee Peltier's own goal in the 57th minute gave the hosts the lead.
But Luke Varney equalised seven minutes later with a curling effort and when Bakary Sako brought down Sam Byram in the box, Ross McCormack stepped up to put the visitors in front.
However, Batth had the final say when he headed home Jamie O'Hara's cross to equalise in the 92nd minute - his first league goal for Wolves.
The result left Leeds boss Neil Warnock furious as his side passed up two points in their pursuit of a play-off place. Wolves remain just outside the bottom three on goal difference, with Dean Saunders still chasing his first win after five games at the helm.
After early chances for both sides, a lull in proceedings followed with very little action of note in either final third until Sako forced Paddy Kenny to tip his effort around a post after the half-hour mark.
McCormack curled an effort just wide as Wanderers continued to be the architects of their own downfall, giving possession away cheaply.
The chance proved to be the last meaningful one of a first half which will have pleased Warnock more than Wolves counterpart Saunders.
Warnock's side were then undone in the 57th minute as they fell behind to a cruel piece of luck which Wolves fans happily accepted. A good period of possession from the hosts found Stephen Ward down the left and his low cross was put past Kenny at the near post by Peltier.
Kenny was twice tested by Kevin Foley and then Sako as Wanderers, now brimming with belief, flowed forward, defender Batth missing with a header.
But Leeds got the goal their overall play deserved in the 64th minute courtesy of a sweet left-footed strike from Varney.
Batth saw a header cleared off the line as Wanderers responded positively, although they had Carl Ikeme to thank for a wonderful fingertip save to deny Varney.
Yet the Wanderers keeper could do nothing to keep out McCormack's effort from the penalty spot after Sako brought down Byram.
That looked to be the winner until Batth had the final say deep into injury time.