Danny Batth's first league goal saw Wolves snatch a dramatic late point at Molineux and keep the club just above the Championship's relegation zone.
The defender's 92nd-minute header was a setback for Leeds boss Neil Warnock in his late bid for a play-off place.
An own goal by Lee Peltier had put Wolves in front, only for Leeds to go ahead thanks to goals by Luke Varney and a penalty from Ross McCormack.
But with time ticking down, Batth's late header stole a point for Wolves.
Wolves boss Dean Saunders remains without a win after five games in charge but for much of the second half it appeared the Molineux club were headed for defeat.
It was a typically breathless encounter, but it wasn't until the second half that it sparked into life with a goal from the hosts that owed more to good fortune than design.
It was harsh on Leeds, having largely dominated proceedings, but their captain Peltier turned the ball into his own net to put Wolves in control.
Leeds responded well, levelling thanks to Varney's sweet left-footed strike and snatching the lead when Bakary Sako was adjudged to have hauled down Sam Byram, leaving McCormack to blast home the penalty with 12 minutes remaining.
That looked to be the winner until Batth had the final say deep into injury time.
Wolves manager Dean Saunders: "If you can't defend goal-kicks, long throws and free-kicks then you will concede goals and I have got to do something about it.
"Three managers have got the sack because the team have been conceding goals and I won't be the fourth.
"I have been trying for three weeks to get things done but have not been able to get anyone in that we can afford. It is a necessity now.
"Obviously we haven't won for a long time but it is coming because that is the best we have played."
Leeds manager Neil Warnock: "The frustration for me is that we have just played Cardiff City and Wolves and we should have had six points and I have got one out of both games.
"I want to get into the play-offs and I am disappointed that we are not in the play-offs and games are running out.
"I want to go up. I think I am more frustrated than anybody.
"It is all right for the players; they are all young and they can play for years to come."
- 13 Ikeme
- 08 Henry (Edwards - 87' )
- 11 Ward
- 16 Berra
- 25 Batth
- 32 Foley
- 10 Sako
- 24 O'Hara
- 28 Doumbia (Sigurdarson - 78' )
- 09 Ebanks-Blake
- 29 Doyle
- 31 De Vries
- 34 Margreitter
- 04 Edwards
- 12 Hunt
- 26 Davis
- 15 Sigurdarson
- 35 Cassidy
- 01 Kenny
- 02 Peltier
- 04 Lees
- 15 Warnock
- 07 Green
- 11 Varney
- 17 Brown
- 19 Norris
- 25 Byram
- 09 Morison
- 44 McCormack (Barkley - 90' )
- 12 Ashdown
- 05 Pearce
- 14 White
- 18 Tonge
- 20 Barkley
- 30 Hall
- 22 Habibou
Live Text Commentary
Full Time The final whistle goes and the game is over.90:00 +3:20 Substitution
Substitution Ross Barkley comes on in place of Ross McCormack.90:00 +1:36
Assist by Jamie O'Hara.90:00 +1:36 Goal scored
Goal! - Danny Batth - Wolves 2 - 2 Leeds Danny Batth fires in a goal from deep inside the penalty box to the bottom right corner of the goal. Wolverhampton 2-2 Leeds.90:00 +1:06
Inswinging corner taken left-footed by Jamie O'Hara, clearance by Patrick Kenny.90:00 +0:23
David Norris challenges Bakary Sako unfairly and gives away a free kick. Direct effort from the free kick comes in from Stephen Ward.86:29 Substitution
Substitution David Edwards replaces Karl Henry.86:29
The referee blows for offside. Free kick taken by Patrick Kenny.84:49
Inswinging corner taken left-footed by Bakary Sako from the right by-line, clearance made by Lee Peltier.84:31
Corner taken by Bakary Sako played to the near post, clearance made by Michael Brown.84:04
Inswinging corner taken left-footed by Bakary Sako from the right by-line to the near post, clearance made by Samuel Byram.77:54 Substitution
Substitution Bjorn Sigurdarson is brought on as a substitute for Tongo Doumbia.77:16 Goal scored
Goal! - Ross McCormack - Wolves 1 - 2 Leeds Penalty taken right-footed by Ross McCormack and scored. Wolverhampton 1-2 Leeds.76:25
Unfair challenge on Samuel Byram by Bakary Sako results in a Penalty.75:42
Jamie O'Hara concedes a free kick for a foul on David Norris. Patrick Kenny takes the free kick.71:59
Free kick awarded for an unfair challenge on Ross McCormack by Kevin Foley. Stephen Warnock crosses the ball in from the free kick.70:40
Unfair challenge on Jamie O'Hara by Ross McCormack results in a free kick. Jamie O'Hara restarts play with the free kick.69:13
Corner taken right-footed by Ross McCormack from the right by-line,68:49
Stephen Ward crosses the ball, Luke Varney makes a clearance.65:21
Inswinging corner taken right-footed by Bakary Sako, clearance by David Norris.
Assist by Ross McCormack.63:43 Goal scored
Goal! - Luke Varney - Wolves 1 - 1 Leeds Luke Varney finds the back of the net with a goal from inside the six-yard box to the top right corner of the goal. Wolverhampton 1-1 Leeds.62:17
Corner from right by-line taken by Bakary Sako.59:04
Kevin Foley gives away a free kick for an unfair challenge on Luke Varney. Stephen Warnock takes the free kick.58:45
Ross McCormack takes a inswinging corner to the near post.56:51
Assist by Stephen Ward.56:51 Goal scored
Goal! - Lee Peltier - Wolves 1 - 0 Leeds Lee Peltier puts the ball into his own net. Wolverhampton 1-0 Leeds.56:36
Centre by Stephen Ward.50:25
Foul by Bakary Sako on David Norris, free kick awarded. Direct free kick taken by Tom Lees.45:20
Ross McCormack concedes a free kick for a foul on Karl Henry. Karl Henry restarts play with the free kick.45:01
The second half begins.45:00 +0:27 Half time
Half Time It is the end of the first-half.42:57
Corner taken right-footed by Ross McCormack, clearance made by Kevin Doyle.37:40
Tongo Doumbia takes a shot.35:01
The referee blows for offside against Ross McCormack. Direct free kick taken by Karl Henry.33:32
Corner taken by Ross McCormack, clearance by Carl Ikeme.31:04
Bakary Sako takes a shot. Bakary Sako takes a outswinging corner to the near post, clearance by David Norris. Save by Patrick Kenny.29:56
Free kick awarded for an unfair challenge on Karl Henry by David Norris. Christophe Berra takes the direct free kick.27:50
Christophe Berra challenges David Norris unfairly and gives away a free kick. Free kick crossed right-footed by Ross McCormack, clearance by Kevin Foley.23:47
The official flags Luke Varney offside. Christophe Berra takes the direct free kick.22:17
Sylvan Ebanks-Blake concedes a free kick for a foul on Samuel Byram. Free kick taken by Patrick Kenny.19:25
Bakary Sako takes a inswinging corner from the right by-line played to the near post. Corner taken by Bakary Sako from the left by-line to the near post, clearance made by Paul Green.18:58
Jamie O'Hara fouled by Steve Morison, the ref awards a free kick. Jamie O'Hara takes the direct free kick.16:27
Jamie O'Hara takes a shot.15:25
The referee blows for offside. Free kick taken by Patrick Kenny.13:52
Tom Lees takes a shot.11:49
Free kick awarded for an unfair challenge on Tongo Doumbia by Michael Brown. Free kick taken by Bakary Sako.10:48
Ross McCormack fouled by Karl Henry, the ref awards a free kick. Direct effort from the free kick comes in from Ross McCormack.10:03
Luke Varney challenges Tongo Doumbia unfairly and gives away a free kick. Free kick taken by Kevin Foley.9:22
Bakary Sako takes a shot.7:57
Close range shot by Kevin Foley goes wide of the right-hand upright.7:30
Free kick awarded for a foul by Tongo Doumbia on Paul Green. Tom Lees restarts play with the free kick.6:34
Kevin Doyle produces a right-footed shot from the edge of the box and misses to the right of the goal.5:34
Ross McCormack produces a right-footed shot from deep inside the six-yard box which goes wide of the right-hand upright.4:27
Foul by Kevin Foley on Luke Varney, free kick awarded. Patrick Kenny takes the free kick.2:41
Inswinging corner taken right-footed by Ross McCormack played to the near post, Sylvan Ebanks-Blake makes a clearance.0:00
The game begins.0:00
Ross McCormack takes the outswinging corner, clearance made by Christophe Berra. Ross McCormack takes the inswinging corner, Kevin Doyle manages to make a clearance.
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