Dave Edwards thought he had scored the winner with six minutes to play but a Danny Batth own-goal shortly afterwards meant the champions had to settle for a share of the points.
In a first half of few openings, the visitors went closest when a Michael Jacobs shot from 25 yards out forced Joe Murphy into a good save.
In an attempt to take the game to the hosts, Wolves boss Kenny Jackett brought on Bakary Sako and Nouha Dicko around the hour mark, and Sako was involved instantly as his corner was headed by Batth into Murphy’s hands.
Wolves scored the opener after 84 minutes when Sako’s cross from the left was diverted in by Edwards from six yards out.
But the Sky Blues were level just a couple of minutes later when Mark Marshall’s whipped ball in was headed inadvertently into his own net by Batth.
The result means Coventry are safe from relegation and Wolves will make League One history with a win in their final game of the season.