Danny Batth picked the perfect moment to score his first league goal for Wolves as his injury time header prevented the club from falling into the relegation zone in the npower Championship.
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The Black Country-born defender capped an impressive display with a 92nd minute header which left Leeds boss Neil Warnock furious as his side passed up two points in their pursuit of a play-off place.
The point will certainly be regarded as one gained for Wanderers, although they remain just outside the bottom three on goal difference while boss Dean Saunders is still chasing his first win after five games at the helm.
Leeds could count themselves unlucky to fall behind in the 53rd minute having largely dominated proceedings in the first half against a Wanderers side clearly lacking in confidence, United skipper Lee Peltier putting the ball into his own net.
The own goal came amid a much-improved second half performance from the hosts, who clearly gained belief from the opener and enjoyed chances to double their advantage before Luke Varney levelled with a well-taken effort for his first league goal of the season in the 64th minute.
Leeds looked to have got the winner 12 minutes from time, Ross McCormack slotting home from the spot after Bakary Sako was adjudged to have hauled down Sam Byram.
But it was not to be as both sides were forced to settle for a draw from an entertaining encounter.
Wolves started nervously as they deflected an early David Norris shot narrowly over the crossbar before the visitors sent three corners into the home penalty area inside the opening five minutes.
Kevin Doyle, a January target for Celtic, briefly raised home hopes with a tame shot although Paul Green fired narrowly wide of Carl Ikeme's post from a good position at the other end.
Steve Morison - making his Leeds debut alongside fellow deadline day signing Stephen Warnock - headed just over as United continued to threaten a shaky Wolves rearguard, with Tongo Doumbia doing the same for the home side, who finally settled somewhat after 15 minutes.
A lull in proceedings followed with very little action of note in either final third until Sako forced Paddy Kenny to tip his effort around a post after the half hour mark.
McCormack curled an effort just wide as Wanderers continued to be the architects of their own downfall, giving possession away cheaply.
The chance proved to be the last meaningful one of a first half which will have pleased Leeds boss Warnock more than Wolves counterpart Saunders.
Jamie O'Hara nodded off target for the hosts at the start of the second period but it was still the visitors who dominated proceedings.
Yet Warnock's side were undone in the 53rd minute as they fell behind to a cruel piece of luck which Wolves fans happily accepted.
A good period of possession from the hosts found Stephen Ward down the left and his low cross was put past Kenny at the near post by Peltier.
Norris was presented with a solid chance to level almost immediately but he could only fire over the bar.
Kenny was twice tested by Kevin Foley and then Sako as Wanderers, now brimming with belief, flowed forward, defender Batth missing with a header.
But Leeds got the goal their overall play deserved in the 64th minute courtesy of a sweet left-footed strike from Varney.
Batth saw a header cleared off the line as Wanderers responded positively although they had Ikeme to thank for a wonderful fingertip save to deny Varney.
Yet the Wanderers keeper could do nothing to keep out McCormack's effort from the penalty spot after Sako brought down Byram.
That looked to be the winner until Batth had the final say deep into injury time.