The point away from home means that the Hornets now occupy third spot in the league standings as they aim to claim at least a playoff spot come the end of the season.
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The hosts took the lead with the game's first chance as the in-form Benik Afobe produced some clever movement before finishing into the bottom-left corner.
The away side managed to restore parity in the 30th minute, however, when Matej Vydra produced a delicate touch before drilling an emphatic finish under the despairing body of Kuszczak to make it 1-1.
Wanderers might have gone into the break with a lead, but both Afobe and James Henry were wasteful from close range, while Vydra also had a good shot saved for Watford in an end-to-end opening 45 minutes.
The visitors knew that their promotion hopes were possibly on the line and managed to pull level through Troy Deeney, who muscled his way into the box to fire past Kuszczak and leave the score at 2-2.
Daniel Tozser produced a thunderous strike from distance not too long after, leaving the Wolves stopper rooted to the spot as the ball flew just over the crossbar.
Deeney might have stolen a crucial three points for the visitors with three minutes remaining, only to see his shot evade the top corner as the game ended 2-2.