Spurs could have drawn level with league leaders Manchester City with a win at White Hart Lane.
"If we can make the top four this year, it will be a fantastic achievement for us. It will be great to again have Champions League football at Tottenham," Redknapp told Sky Sports News.
"That is the aim. That is what we have got to try to do - make sure we again get that Champions League spot. Anything above that will be a bonus."
The 63-year-old also went on to praise Mick McCarthy's side for their steely performance.
"It was a tough game. When you go behind to Wolves, they are scrapping for their lives. They went to Arsenal the other week and drew," he added.
"There are no easy games. People have to understand. You're not going to keep winning and walking all over teams every week."
Next up for Spurs is a trip to Manchester City in the league a week on Sunday.