The visitors struggled to create chances in the early stages as Michail Antonio was denied by Carl Ikeme for the Owls.
Jermaine Johnson also forced Ikeme to make a smart save as Sylvan Ebanks-Blake cut an isolated figure on his return to the Wolves starting XI.
Giles Coke failed to make the most of a number of set-piece opportunities before the interval as the opening half ended goalless.
Wednesday had the better of a scrappy second half but could not force the breakthrough despite Johnson and Antonio's endeavour in the final third.
Wolves were forced to defend deep and hold on for a point in the final few minutes as both sides had to settle for a battling point.