The drama was left late when Dave Edwards opener eight minutes from time was cancelled out by a Danny Batth only goal just two minutes later to hand the Sky Blues a point which mathematically ensures their place in League One in 2014/15.
City boss Steven Pressley made three changes to his side for the derby clash, bringing in Conor Thomas, Mark Marshall and Nathan Delfouneso in place of Carl Baker, Anton Robinson and Nathan Eccleston.
It was Delfouneso who registered the first credible effort of the afternoon after 11 minutes when he pulled a shot just wide of the near post with Wolves 'keeper Carl Ikeme beaten.
The visitors returned the favour three minutes later though when a floated in cross from the right picked out Liam McAlinden to head straight at Joe Murphy.
Despite Wolves' early effort though it was the Sky Blues who were undoubtedly making all of the early running, highlighted when Mark Marshall turned Danny Batth in the 18th minute, leaving the centre half on the floor before firing just over the bar.
Murphy have to make a smart save for City though six minutes before the break when McAlinden's low 20-yard effort forced him to get down and save to his right with Jordan Clarke scrambling the loose ball clear.
The double substitution to bring Bakary Sako and Nouha Dicko into the game just before the hour also appeared to have a short term effect on the momentum of the game as their introduction coincided with a brief dominant spell for the visitors.
A neat bit of interplay from the Sky Blues on 67 minutes though nearly opened the door for Cyrus Christie at the other end, the full back taking a bouncing ball and lashing a shot across the face of goal and just wide of the far post.
It was the visitors who did get the opener though with eight minutes to go through Edwards. Sako picked up a ball after the Sky Blues failed to clear and whipped in a waist high ball for Edwards to glance past Murphy.
The lead was shortlived though as City got themselves back on level terms just two minutes after going behind. Mark Marshall delivered an outswinging cross from the left and Danny Batth inadvertently steered a header past his own 'keeper to give the Sky Blues a deserved equaliser and secure a point which ensures they have steered clear of relegation.
Attendance: 4,585 (2,170 away)
Coventry City: Murphy (c), Christie, Webster, Clarke, Willis, Marshall, Fleck, Thomas, Prutton, Delfouneso (Seaborne 90), Wilson
Subs: Burge (GK), Adams, Baker, Eccleston, Thomas, Finch
Wolverhampton Wanderers: Ikeme, Doherty, Edwards, Stearman, Batth (c), Henry, McDonald, Evans, McAlinden (Dicko 59), Golbourne (Ricketts 83), Jacobs (Sako 59)
Subs: McCarey (GK), Davis, Price, Ebanks-Landell