The West Midlands outfit went into the encounter having not lost in the Premier League since September 14, while Brighton were on a high after getting back to winning ways with a 2-1 victory at Arsenal last time out.
Seagulls wingers Solly March and Jose Izquierdo once again missed out through injury while veteran defender Bernardo started the match on the bench.
Wolves had injuries of their own to contend with, as Wily Boly and Morgan Gibbs-White also missed out.
It was the visitors who drew first blood in an action-packed first half, as Raul Jimenez produced a lovely cross with the outside of his foot for Diogo Jota to finish from close range.
Wolves’ lead only lasted six minutes before the Seagulls were back on level terms, when Neal Maupay latched on to a long ball and produced a rasping first-time strike to find the bottom corner.
Two minutes later and Brighton were ahead for the first time in the game.
Wolves were once again caught out in the wide channels and Leandro Trossard was able to dink in a fine cross for Davy Propper to head the ball home.
The hosts looked on course to take a lead into the break but Wolves were back on level terms in the 44th minute as Brighton were made to pay for some loose play in midfield.
Wolves moved the ball forward quickly and Jota produced another fine finish to find the bottom-right corner.
Nuno Espirito Santo’s side thought they deserved a penalty at the hour mark but VAR decided Lewis Dunk had not handled the ball in the box.
Both sides pushed for a late winner but it was not forthcoming and the spoils were shared on the south coast, with Brighton moving four points clear of the relegation zone as a result.