It was the ninth draw in 20 league games for Wolves this season and the 12th in the same number of matches for Southampton.
It is a sequence of results that has left the two Championship heavyweights having to set their sights on the play-offs rather than automatic promotion.
Both sides had chances to pick up what would have been a priceless three points only to be frustrated by the form of goalkeepers Stefan Postma and Antti Niemi.
On-loan Wolves keeper Postma pulled off two smart saves, as did Finland international Niemi, in a game that rarely reached the heights expected from two of the Championship's most high-profile sides.
Wolves and Southampton fans joined forces before the game to pay tribute to George Best with a minute's applause and it proved to be the only high point before half-time.
Southampton forward Brett Ormerod wasted the best chance of the opening period in the 20th minute when he latched on to a pass from Djamel Belmadi only to be denied by Postma.
Wolves had strong claims for a penalty turned down by referee Paul Taylor in the 35th minute when Colin Cameron was sent sprawling by a combination of Darren Kenton and Niemi.
But it was first-half injury-time before they created their first real opening when Joleon Lescott saw his shot cleared off the line by Darren Powell with Rob Edwards firing the rebound over the bar.
It proved to be the prelude to a spell of Wolves pressure as they started the second-half quickly with Cameron, Mark Kennedy and Tom Huddlestone all trying their luck from distance.
But they soon ran out of steam and would have fallen behind but for the heroics of Postma in the 59th minute.
When teenage star Theo Walcott sprung Wolves' offside trap after a pass from Kamil Kosowski he only had Postma to beat, but the giant Dutchman excelled again to beat away his shot.
The lucky escape finally served to spark Wolves into life but a combination of Niemi and the woodwork kept them at bay.
Niemi eclipsed the heroics of Postma with a stunning one-handed save to push away a 73rd-minute header from George Ndah after a cross from Ki-Hyeon Seol.
When Wolves did find a way past Niemi they were frustrated by the bar as Leon Clarke rattled the woodwork with a volley.
But it was Niemi who was to have the last word with another one-handed save to turn away an 82nd-minute drive from Huddlestone.