The young Magpies fell behind in the early stages of the league clash at Whitley Park following Conor McLeod's strike before Sean Neave levelled the scoring after the half-hour mark, the 18-year-old striker's 15th goal of the season at second-string level.
The result leaves Newcastle's youngsters situated in 20th place, a position they will finish in should Everton fail to beat Ipswich Town on Friday night.
Robbie Stockdale made two changes from Friday's 3-1 win away at Manchester United as Alex Murphy and Logan Watts replaced Dylan Charlton and Scott Bailey respectively, with the latter beginning a two-game suspension.
Matheos Ferreira went close to netting his fifth goal in as many league matches at under-21 level as the Ashington-born forward, who scored a hat-trick in February's 4-3 win against Aston Villa, saw a low effort inside the box tipped onto the woodwork by Wolves goalkeeper Alfie Brooks.
In the 15th minute, Wolves took the lead through McLeod. After Dexter Lembikisa's initial effort was saved by Newcastle goalkeeper Aidan Harris, Dani Ángel's rebound from the edge of the box blocked kindly into McLeod's path before the Wanderers forward slotted the ball into the top left-hand corner.
Logan Watts was unable to net his first goal at under-21 level as the 19-year-old defender, who hails from North Shields, rose high from Mason Miley's free-kick but could only direct his attempt over the crossbar inside a crowded penalty area.
In the 33rd minute, Newcastle drew themselves level courtesy of Neave's emphatic finish. After Rory Finneran's initial effort at goal was controlled by Neave, the England Under-19 international drilled a firm effort into the right-hand corner, an eighth goal in his last seven PL2 matches.
In the second-half, Murphy was unable to fire Newcastle into the lead on the hour mark as the Irishman's free-kick from distance was comfortably held by Brooks.
The hosts were fortunate to remain on level terms as Okoduwa struck the woodwork. After Makenzie Bradbury completed a surging run from distance, the Wolves midfielder teed up Okoduwa but the right-back's fierce first-time drive clipped the bar.
Neave took his turn in front of goal as the Winlaton-born youngster, who made his professional debut for his boyhood club in the UEFA Champions League away at Qarabag FK, rose from Murphy's teasing cross from the left wing but his stretching header flew over the bar.
Seeking a late winner, Anthony Munda went close to finding a breakthrough for the young Magpies as the Cowgate-born midfielder latched onto Neave's pass inside the box, following an impressive dash along the right byline from the latter, but the resulting effort was deflected wide of the right-hand post.
From the resulting corner, Neave almost netted his and United's second goal of the evening after turning Finneran's cross towards goal but Brooks was alert to turn the ball out for a corner.
Miodrag Pivaš went close to getting his name on the scoresheet as the Serbian centre-back's header from Finneran's corner was dropped by Brooks but the Wolves goalkeeper was able to claim the loose ball before crossing the goal line.
With the full-time whistle nearing, Neave almost sealed back-to-back league wins for United's second-string as the in-form striker cut inside from the right flank but his low drive was pushed away by Brooks as the spoils were shared on Tyneside.
Our opponents for the last-16 stage of the PDL play-offs will be confirmed in due course.
Newcastle United Under-21s: Aidan Harris, Logan Watts (Henry Johnson 60), Alex Murphy, Miodrag Pivaš, Ciaran Thompson (c), Rory Finneran, Matheos Ferreira (Michael Mills 76), Mason Miley (Kyle Fitzgerald 65), Sean Neave, Anthony Munda, Seung-soo Park.
Subs not used: Adam Harrison, Baran Yildiz.
