Caretaker Connor saw his Wolves side fall two goals behind before the 20-minute mark but produced a much-improved second-half performance to snatch a point to move up to 16th as the Magpies stayed in sixth.
Newcastle took the lead early after Wayne Henessey had kept out an audacious backheel from Demba Ba which deflected back into the path of a marauding Cheick Tiote whose attempt fell to Papiss Cisse who guided it home with an outstretched left foot.
Just over 10 minutes later, Newcastle were two to the good courtesy of a stunning strike from Jonas Gutierrez who controlled the ball just over 20 yards out before unleashing into Hennesseyâ€™s top corner.
It seemed as though Alan Pardew and his men would then race away with the match but Wolves did everything in their power to fight back and the first part of their plan came to fruition five minutes into the second half.
Wolves then grabbed the leveler in the 66th minute when Jamie Oâ€™Haraâ€™s free-kick from the right flank was headed down by Toon defender Mike Williamson but only into the path of Kevin Doyle who pounced on the poor clearance to sweep home from close range.
There were two very good late chances for Magpies substitute Hatem Ben Arfa but the French winger was unable to hit the back of the net despite beating Hennessey with his injury-time attempt sliding inches past the post.
TRIBAL ASKS: Is there hope for Wolves survival on the back of this result?
Sports Direct Arena, Newcastle-upon-Tyne - 52,287
Yellow cards: NEW - Shola Ameobi 89â€™
WOL - Christophe Berra 90+1â€™