Town, on the back of a freakish run of bad luck - with injuries and suspensions to key players - looked to be on the wrong end of things again when Colin Cameron's deflected shot looped over Lewis Price.
However, Town levelled through Matt Richards' penalty after a foul on Nicky Forster by Gabor Gyepes, and although Wolves pressed from then on they missed some great chances to grab a winner.
Leon Clarke, Darren Anderton and Ki-Hyeon Seol all had sight of the target in the last 20 minutes, but none could find the net.
The first half offered little to entertain the crowd, with Darren Currie the best bet of a breakthrough, seeing two free-kicks curling not far off target, one of which Richard Naylor almost touched in.
Currie also had a firm volley palmed around the post by Stefan Postma, who then held a 25-yard Jimmy Juan drive, although the flag was up against Nicky Forster who tried to flick it on.
Wolves had plenty of possession but rarely threatened Town's goal, their only effort on target coming in stoppage time when Tom Huddlestone's tame 20-yarder was straight at Price.
Hoddle clearly wasn't happy and sent on Anderton and Clarke for George Ndah and Huddlestone at half-time and within six minutes Wolves were ahead when Cameron's 25-yarder looped off Jason De Vos to defeat Price.
Forster shot wide as Town tried to respond but the striker then won the penalty, sprinting clear of Gyepes who tripped him from behind. Richards netted from the spot, although Postma got his hands to the shot but could only palm it into the right-hand side of the net.
Ipswich looked as if they could win it for a while, with Gavin Williams having a shot deflected through to Postma and then at the other end Cameron volleyed over from 20 yards.
Kevin Horlock was fortunate to stay on the field when he was firstly booked for a late challenge, then committed another mis-timed tackle soon after, but referee Keith Stroud settled for a stern word.
Wolves' first great chance to clinch the points came on 74 minutes when a Lee Naylor long throw bobbled its way through to Clarke, but from six yards out he fired into the side-netting.
Anderton volleyed wide after a Seol cross had caused confusion in the Ipswich box, with both Cameron and Mark Kennedy having shots blocked before the former England man missed the target from eight yards.
Anderton then opted to cross and hit the ball out of play when he appeared to have a chance of a shot, but the worst Wolves miss came with five minutes to go when Seol could have clinched the points.
Another Naylor long throw was flicked on by Clarke to the unmarked Seol six yards out but he lifted his volley way over and Town held on for a point despite Clarke sending a late header wide and then a last-gasp Anderton free-kick was blocked by the wall.