Forest fought back from an early two-goal deficit for the second time in a week as Paul Hart's side found the resilience to draw level and share the points.
Both teams went at each other from the outset but it was the visitors who took the lead in the ninth minute.
A long ball from Alex Rae found Nathan Blake eight yards out and he blasted home the opener as a helpless Darren Ward could only watch the ball fly by.
A relentless Forest kept up the fight and after a prolonged spell the home side came close with a cross from Andy Reid that found David Johnson six yards out but his diving header lacked accuracy.
But with 26 minutes on the clock Wolves took advantage of some sloppy defending from the hosts to double their lead.
A clearance from Wolves' penalty area found Colin Cameron who latched on to the stray ball as the Forest defence was caught napping. With two touches of the ball Cameron found the back of the Forest goal, slotting low and hard into the bottom right-hand corner.
After these two early goals a subdued Forest carried on the fight and just before the break Reid took on three Wolves defenders before finding David Johnson who fired home from eight yards out for his 25th goal of the season.
Goal provider Reid then went close in first-half stoppage time when he blasted over the bar from the edge of the box In the opening 15 minutes of the second half both teams came out with an air of caution and the second period took some time to get going.
However in the 74th minute Forest got the equaliser they deserved. Matt Murray fumbled a cross Michael Dawson headed home from close range.
Just one point and one place divided these teams before this match and it's as you are for these two play-off contenders.