Just as Wolves were seemingly home and dry in the match, Nelson Oliveira fired a ferocious effort from 30 yards that bounced just in front of Ruddy before heading into the net in the final minute of injury time for a 2-2 final score.
The game between Derby County and Leeds United also saw late drama as Kasey Palmer struck in added time to give the Rams a 2-2 draw at Pride Park and keep them fourth in the table.
Three of the evening's four second-tier games ended in draws, with Bristol City coming from behind for a share of the spoils against fellow playoff contenders Fulham at Ashton Gate.
Aleksandar Mitrovic opened the scoring with his first goal for Fulham on 14 minutes, slotting home from Cyrus Christie's cross at the back post, but Robins top scorer Bobby Reid equalised on 35 minutes for a 1-1 final result.
Results in full: Bristol City 1-1 Fulham; Derby County 2-2 Leeds United; Ipswich Town 0-1 Cardiff City; Wolverhampton Wanderers 2-2 Norwich City