Albion ended a run of seven straight away defeats with an excellent point.
A Premiership class finish by Bobby Zamora, his fifth goal in nine games this season, gave Steve Coppell's Seagulls a shock 15th minute lead.
Albion were the better side for an hour. Michel Kuipers made three outstanding saves in the second half, but Wolves broke through on 76 minutes when Kenny Miller scored his fifth of the campaign with a deflected volley to extend their unbeaten sequence to six games.
Albion made one significant change to the team which ended the losing run against Bradford at Withdean ten days ago.
Pethick replaced the suspended Paul Brooker, prompting a change in formation to 5-3-2. Pethick made his first appearance since breaking a bone in a foot in the home game against Stoke on September 17 as a centre half.
Teenage loan signing Sidwell and Webb were among the substitutes.
Wolves were forced into three key changes to the team which drew 1-1 with leaders Portsmouth at Molineux last Wednesday. Injuries ruled out George Ndah, Nathan Blake and Paul Ince.
Kennedy came in for his first start of the season along with Sturridge and Ingimarsson, the Icelandic international who was a regular in Coppell's Brentford side last season.
The Seagulls showed plenty of confidence in possession in the early stages on a pristine playing surface.
A mistake by Pethick allowed Miller, a £3 million buy from Rangers, a shot from just outside the area but it was straight at Kuipers.
Pethick was seen to better effect when he headed behind a dangerous cross from Edworthy which had taken a slight deflection off Mayo.
Albion, in stark contrast to their previous away outing at Crystal Palace, did not seem overawed with the occasion and were giving as good as they got.
Carpenter's low drive from 25 yards, which followed good approach work by Barrett and Zamora, was comfortably gathered by Murray.
Former Wimbledon midfielder Cooper fired straight at Kuipers from outside the box before Albion threatened again, Barrett narrowly missing the target with an effort on the turn.
The pattern of play suggested the Seagulls were capable of scoring and they did just that with a well-crafted goal on the quarter-hour.
Carpenter's pass through the middle of a square home defence was finished in style by Zamora with a deft clip over Murray.
Zamora almost followed his third goal in two games with another. More confusion in the Wolves defence presented possession to him, but he was crowded out as he tried a right foot shot which Barrett then almost latched onto.
Wolves almost grabbed an equaliser they scarcely deserved midway through the half. Ingimarsson's firm header from a Kennedy corner was blocked and the Scandinavian's follow up was saved by Kuipers.
Another mistake, this time by Zamora's England under-21 colleague Lescott, gave Barrett a half chance but he screwed his shot well wide.
Albion, full of enterprise were good value for their lead as Wolves struggled to find any rhythm.
The Black Country giants were restricted to efforts from distance by Edworthy and Cooper which Kuipers again got right behind.
In the meantime, the Seagulls almost stretched their advantage, Hart's far post header from Mayo's deep centre forcing Murray into a twisting stop. The young keeper then grabbed the ball before Barrett could drive in the rebound.
Wolves pressed forward towards the break, but they still lacked conviction and the Seagulls defended solidly to maintain their cushion.
There were a few boos from the home fans at half time and the crowd soon got on the Wolves players' backs at the start of the second half, which was just what Albion wanted.
The Seagulls had barely put a foot wrong until a lapse by Blackwell allowed Cooper to advance to the edge of the area before firing wide.
Blackwell's mistake earned him an ear-bashing from Rodger.
Albion continued to threaten when they ventured forward. The Wolves defence obligingly opened up for Mayo to have a shot which deflected just wide off Edworthy.
A looping header by Cullip moments later appeared to be tipped over by Murray, but referee Baines awarded a goal kick.
Kuipers kept Albion ahead with a fantastic double save in the 59th minute. The big Dutchman dived to parry a shot from Rae and then scrambled to his feet to keep out Sturridge's follow up.
Kuipers came to the rescue again two minutes later, foiling Sturridge at point-blank range after the forward had beaten Mayo in a sprint.
Albion still looked potent on the break. Zamora ended a thrilling burst, in which he totally outwitted Clyde, by unselfishly trying to set up Barrett when he might have been better to shoot himself.
Wolves' dissatisfied boss Dave Jones made a double substitution with 20 minutes remaining, Newton coming on for Cooper and Andrews replacing Ingimarsson.
Andrews was booked within three minutes of his introduction for a foul on Barrett. The other replacement Newton made a more positive impact with a cross for Miller whose header was again held by the outstanding Kuipers.
Albion finally cracked 14 minutes from time, Miller steering in a right foot volley via a deflection from 12 yards from Edworthy's cross. Albion immediately made a double change, bringing on Oatway and Sidwell for his debut at the expense of Rodger and Barrett.
Albion held out to stretch their record against Wolves to only one defeat in 15 League collisions between the clubs.
- ALBION (5-3-2): Kuipers (gk) 9, Watson (rwb) 7, Mayo (lwb) 7, Cullip (cd) 8, Blackwell (cd) 7, Hart (rm) 7, Carpenter (cm) 7, Pethick (cd) 8, Zamora (f) 8, Barrett (f) 8, Rodger (lm) 7. Subs: Oatway for Rodger (withdrawn 76), Petterson, Hinshelwood for Blackwell (injured 86), Sidwell for Barrett (injured 76), Webb.
- SCORERS: Zamora (15).
- BOOKINGS: None.
- WOLVES (4-3-3): Murray; Edworthy, Irwin, Lescott, Clyde, Ingimarsson, Rae, Cooper, Sturridge, Miller, Kennedy. Subs: Oakes, Butler, Naylor, Newton for Cooper (withdrawn 70), Andrews for Ingimarsson (withdrawn 70).
- SCORERS: Miller (76). BOOKINGS: Andrews (73), foul.
- Referee: S. Baines (Chesterfield).
- Venue: Molineux.
- Attendance: 23,016.
- Pitch conditions: Superb.
- Weather: Dry and still.
- Fan's View, by Peter Camillin of Rustington
- "Certainly a point gained after an inspired performance which, with a little more rub of the green, could have yielded three points for the Seagulls. Michel Kuipers' performance deserved the man of the match award as he kept his team in the game with some vital saves. However, in my opinion, the priority is for Albion boss Steve Coppell to keep striker Graham Barrett at the club for the remainder of the season. He provided another class performance and is basically the energy of the team. Barrett could end up saving Arsenal manager Arsene Wenger a lot of money."
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