The home side came within inches of taking the lead with just 11 minutes on the clock as Kevin Doyle nodded Slawomir Peszko's cross back to Sylvan Ebanks-Blake, who took a touch before firing his effort against the crossbar.
Ikeme produced another good save minutes later, before Wolves broke the deadlock. A fluid move from the hosts was started and finished by Doyle, giving his side the lead against the run of play.
Ikeme kept Wolves ahead again before half time, this time denying Conor Sammon when the striker was clean through on goal.
Derby came close in the second half as they pushed for an equaliser, with Richard Keogh powering a header over the crossbar before Jamie Ward had a penalty appeal turned down for a handball against Ronald Zubar.
There was to be late drama, however, as the visitors grabbed the equaliser in the third minute of stoppage time through Theo Robinson's strike.
Wolves' next game comes away to Northampton Town in the League Cup on Thursday, while Derby will face Watford in the Championship next Saturday.