Aaron Connolly put the home side ahead before Romain Saiss and Ruben Neves scored either side of Dan Burn's own goal in the first half.
Graham Potter's side rescued a point in the second half as Neil Maupay converted from the penalty spot before Lewis Dunk's thunderous header in the 70th minute.
Rui Patricio 6/10: Was unlucky not to reach the ball before Connolly for the equaliser, but the Portuguese keeper reacted well with a quick-reaction save to deny the Irish attacker's overhead-kick. Maupay and Dunk's goal were tough for the keeper.
Nelson Semedo 6/10: Delivered a brilliant cross for Saiss's equalising goal, whilst also keeping Solly March quiet throughout on the right-hand side. Worked very well with Traore on the right-wing when needed.
Conor Coady 6/10: Would have been disappointed with how Brighton opened the scoring, but his leadership was, again, clear for everyone to hear. The distribution between himself and Saiss was tremendous, yet again. Brighton's path back into the game comes from the central area and a set-piece, another frustration element of the game for the Wanderers' captain.
Romain Saiss 7/10: The brilliant Moroccan defender proved to be Wolves' most dangerous player with another headed goal. Defensively sound, Saiss now has more goals than Gareth Bale and Kevin De Bruyne. His second-half performance wasn't as good, conceding two goals and him losing his individual battles.
Rayan Ait-Nouri 6/10: For the opener, the teenager does hold Leandro Trossard up, but he will be frustrated that the Belgium winger was able to put the ball into the box for Connolly's goal.
Joao Moutinho 5/10: Gave away a needless penalty 11-seconds into the second-half after a quiet first-half from the experienced midfielder. Was very good on the ball and tracked back constantly to offer a helping hand. The substitution of Vitinha prevented him from offering any creativity from midfield.
Ruben Neves 7/10: Will be over-the-moon to net his first Premier League goal since November 2019. Brilliantly tucked the penalty away before half-time to extend their lead. In the second period, like Moutinho, Neves struggled to offer much in an attacking sense with Brighton enjoying the majority of possession.
Vitinha 5.5/10: The quieter out of the midfield trio, Vitinha rotated between his offensive and defensive work, whilst also finding space in-between the lines. Didn't enjoy as much of the ball as he would have liked before being replaced by Kilman.
Adama Traore 7/10: Any moans of wanting the old Traore back would have vanished when the pacey winger did superbly to earn Wolves' penalty in the first half. Soley beat five Seagulls defenders with his pace and strength in one of his best performances of the season.
Fabio Silva 6/10: Hard-working, off-the-ball runs and physical presence. Silva seems to be growing in confidence as the games tick by. The lack of possession in Brighton's half didn't help his performance before being replaced by Otasowie.
Pedro Neto 6/10: Looked as dangerous as ever and is probably one of the most shining lights on the pitch. Grabbed an assist for Burn's own goal from his own strike that was worthy of finding the net itself.
Max Kilman 5/10: His introduction meant Wolves set-up with a five at the back, but it failed to work as Dunk equalised six minutes after. Following the goal, the back three seemed to work and Kilman performed well, winning his physical battles.
Owen Otasowie N/A: Was forced to track back and defend for the majority of his time on the pitch. Didn't see any of his attacking prowess like we did against Chelsea and Burnley. Should have grabbed the winner in the last touch of the game, but his mistimed jump and header was all wrong.