The Foxes had the best possible start when they opened the scoring after just four minutes with a well taken strike from James Scowcroft.
Peter Canero chipped a perfect free-kick into the heart of the home defence where striker Dion Dublin nodded the ball back for David Connolly. He headed it down to the unmarked Scowcroft, who made no mistake as he found the net with a hard, well-placed shot past the helpless Paul Jones.
City continued to press with Dublin wasting a golden scoring chance in the 16th minute, when he stroked the ball inches wide of the target.
Then, in the 20th minute, injury-hit Wolves had another lucky escape when a left wing corner from Lilian Nalis sailed over keeper Jones only to hit the woodwork.
After the break Wolves finally started to cause problems for the City defence and they made it 1-1 in the 52nd minute when Miller was found the target.
The Scottish international striker held off a tackle from defender Matt Heath before giving keeper Ian Walker no chance with his shot into the right-hand corner of the net.
It was then the turn of Wolves to dominate with Walker doing well to fingertip away a late goal-bound shot from substitute Kevin Cooper.
The result leaves the two promotion favourites in the bottom half of the table, but neither manager was too disappointed with their side's display.