Lowe scored after Wolves defender Richard Stearman was sent for an early bath having pulled down the home striker just outside the penalty area.
But Dave Edwards ensured promotion-chasing Wanderers did not leave the Wirral empty handed after Tranmere skipper James Wallace was also shown a red card for dangerous play.
Stearman saw red after 20 minutes and Lowe capitalised to put Rovers in front from Ash Taylor's cross-field ball 14 minutes later.
Owain Fon Williams saved twice in quick succession from Michael Jacobs and Danny Batth before Wallace became the second player to be sent off when he went straight through Ethan Ebanks-Landell a minute before half-time.
Wolves levelled after 55 minutes with an Edwards volley before Fon Williams flicked a Jacob's strike over the crossbar.
Lowe should have scored for Rovers when he miss-kicked with just goalkeeper Carl Ikeme to beat while Sam Ricketts' 30-yard curler just cleared the bar before Kristoffer Peterson's late Tranmere effort was ruled out for offside.