The visitors took the lead through Theo Walcott's tap in but Wolves managed to find an equaliser after Pedro Neto scored only five minutes after coming on as a substitute.
The draw means the Saints miss out on a chance to move up to fourth place and leaves the Wanderers in ninth.
Story of the match:
For the first time since 2017, Wolves started a league game without club captain Conor Coady at centre-back. He missed out and was replaced in the line-up by Joao Moutinho as Nuno Espirito Santo switched his side's formation to a 4-3-3 to accommodate the loss of his ever-present defender.
Southampton made one change with the returning Ryan Bertrand regaining his spot at left-back, replacing Jack Stephens.
It was a lively opening to the game with both teams starting brightly. Only two minutes in, Che Adams misjudged his finish after a powerful cross found him free at the back post.
Wolves then had an early chance and forced Alex McCarthy to make a superb double save from Nelson Semedo’s long-range effort and then Leander Dendoncker’s follow up.
As the half went on, Southampton began to take control and asserted their dominance with plenty of possession.
Ralph Hassenhuttl’s side then had the best opportunity to break the deadlock. After building brilliantly from the back, Adams turned on the edge of the area and slid through Stuart Armstrong, but the Scotsman’s shot somehow skimmed past the post.
Adams would be involved in another chance just before the break. The striker and Djenepo linked up superbly on the edge of the area but the former’s low strike was blocked wide by Willy Boly.
After the break, Wolves looked the better side and seemed most likely to score. Daniel Podence blitzed through on goal but he failed to trouble McCarthy with his tame left-footed shot. Raul Jimenez, who was quiet throughout, couldn’t get a good enough connection on a close-range header soon after.
Seemingly against the run of play in the opening stages of the second half, Southampton then broke the deadlock. Adams found space down the right-hand side of the box and drilled a brilliant cross into Walcott who was waiting to tap home into an empty net.
Seven minutes later, Walcott could have had another as he raced through one on one against Rui Patricio, however, he dragged his effort wide of the post.
Wolves began to pile on the pressure after going a goal down and this pressure paid off with 15 minutes to go. Neto had only been on the pitch for five minutes before he leveled the scoring after tapping in a rebound from six yards.
The Wanderers continued to impress after equalising and they could have had a second after strikes from Jimenez and Neto.
However, neither side would go on to grab a winner despite some late pressure from both teams meaning that after an entertaining affair the points were shared.
Man of the Match: Che Adams
Adams hugely impressed for the majority of the game and showed how much he can offer for Southampton.
The striker was consistently involved in their play, whether it be firing shots on goal or producing chances for his teammates.
He then went on to assist Walcott with a great low cross that gave the winger an easy job to open the scoring. After a slow start to his Saints career, he sure looks to be settling in now.
Che Adams is showing he can replace Ings
Continuing the praise for Adams, he showed in this game that he is capable of replacing absent top scorer Danny Ings.
The striker has found his form this season with three goals and now three assists so far this campaign.
With Ings out for a prolonged period, Adams will be hoping he can excel and prove to Hassenhuttl that he is capable of leading the line.
Wolves miss out on clean sheet without Coady
Wolves have kept more clean sheets (13) than any other Premier League team in 2020 and this largely comes down to Coady.
The captain is a huge part of the Wanderers system and having him missing for this game clearly made an impact.
This is worrying for Wolves fans, who will be concerned that if Coady was ever to be ruled out for multiple games, then results could falter.