Canadian international Paul Peschisolido grabbed an equaliser seconds from time in a thriller that could turn out to be a dress rehearsal for the Nationwide Division One play-off final.
Peschisolido, who had snatched the lead for the Bramall Lane side, struck with a spectacular shot as in-form Wolves clung on in the hectic final minutes.
Both sides rested key players as United started with a flourish, Peschisolido trying his luck from close range and firing wide seconds after the kick-off before the little striker broke the deadlock after two minutes.
He charged down Joleon Lescott's attempted clearance, the ball bouncing off his chest as he swept by the Wolves defender. Keeper Matt Murray charged off his line as Peschisolido coolly lobbed the him from 16 yards.
Wolves’ pace up front brought an equaliser in the 11th minute after a mistake by Nick Montgomery. Dean Sturridge threaded the ball to George Ndah who swept past Shaun Murphy to beat Paddy Kenny with a low strike from just inside the area, the ball going through the keeper's legs.
Sturridge almost snatched the lead five minutes later as he steamed past Welsh international defender Robert Page, lashing in a stinging shot from 18 yards which beat Kenny but cannoned off the foot of the post.
United escaped again when Kenny failed to cut out full-back Marc Edworthy's cross as Australian centre back Murphy moved in to hack the ball clear of the line with Sturridge waiting to pounce.
Wolves grabbed their second deep in first-half injury time. Alex Rae mis-hit a shot as he cut in from the right and the ball spun away from the goal to Sturridge as he lurked near the far post.
The striker cleverly controlled it before beating Kenny from six yards for his ninth of the season United, who brought on Phil Jagielka for the injured Murphy at the start of the second half, were back on level terms in the 56th minute after Lescott barged Steve Kabba off the ball in the area.
Michael Brown, having a quiet game by his standards, swept the ball into the right-hand corner from the penalty spot sending Murray the wrong way.
Wolves snatched the lead back again in the 61st minute after Brown pulled back Colin Cameron 14 yards from goal. Sturridge checked his run-up to fool Kenny from the spot for his second of the game.
Peschisolido hit the equaliser with an eye-catching 25-yard shot.