Carl Cort had headed draw specialists Wolves into the lead five minutes before the break, but Derry netted his second goal in four games since arriving from Crystal Palace.
The point was of little use to either side in their bid to make up lost ground in the chase for a play-off place as Wolves registered their 19th draw of the season.
Leeds made four changes, Ian Moore, Derry, Seth Johnson and Marlon King coming in for David Healy, Jermaine Wright, Gary Kelly and Frazer Richardson. Wolves' only change was Rohan Ricketts in place of Ki-Hyeon Seol, who had been away with South Korea earlier in the week.
Johnson made his first start for just under a year in the Leeds midfield, Moore made his debut and King was handed his first start since joining on loan from Nottingham Forest.
In an untidy first half, King tried his luck with a 30-yard volley, with keeper Michael Oakes yards off his line, but the striker was off-target.
Paul Ince was no more accurate from 25 yards for Wolves, but the former England midfielder played a big part in the opening goal on 40 minutes.
Ince took a short free-kick to Lee Naylor on the right and from a return pass, Ince crossed beyond the far post where Simon Walton conceded a corner.
Naylor took the flag kick and Cort's header went through keeper Neil Sullivan's legs into the net for the ex-Wimbledon and Newcastle striker's 15th goal of the season.
Rob Hulse twice went close for Leeds who finished the first half strongly.
The equaliser arrived five minutes into the second half, Derry easily beating Oakes with a free-kick from just outside the penalty box.
Naylor was denied an injury-time winner by Sullivan's desperate save.