In an afternoon of few chances Solly March wasted the best when he shot over and battling Brighton will be happier with the point.
Brighton are unbeaten in all 10 top-flight matches against Wolves, having won seven and drawn three.
Their solitary victory in 13 Premier League away games came at Arsenal in December (D4 L8).
Albion now sit two points above the relegation zone but are still winless since December and remain precariously placed above the bottom three.
Nuno Espirito Santo's side would have moved fourth with a two-goal victory over the Seagulls but were left frustrated.
They still climbed to fifth, having played a game more than Manchester United, but trail Chelsea by two points with the Blues also having a game in hand.
A quiet start saw Davy Propper shoot at Rui Patricio and Raul Jimenez poke well wide.
But the first half was a non-event, Wolves failing to find their usual home momentum which allowed Brighton to comfortably sit back.
The only scare for the Seagulls came just after the half hour when Jimenez hit the stanchion after Adam Webster's miscued header.
Nuno's side are the worst first-half scorers in the Premier League, netting just 12 times in 29 games, and never looked like adding to their tally before the break.
Adama Traore replaced Ruben Neves as Wolves desperately looked to add some energy into their performance.
But it was Brighton who carved out a rare chance when Leandro Trossard picked out March only for the midfielder to blaze over from 12 yards with 25 minutes left.
Yves Bissouma, who impressed for Brighton, drilled well wide before Traore finally injected some excitement with 15 minutes left.
He skipped into the area to find Daniel Podence and when Lewis Dunk blocked his shot Jimenez's follow up was gathered by Mat Ryan.
Dendoncker could still have won it towards the end but shot over after being teed up by Podence.
Alexis Mac Allister made a lively cameo debut for Albion and his inswinging freekick towards the end needed the slighest of touches but it just eluded everyone.
With relegation rivals West Ham, Bournemouth, Norwich and Watford all losing, Brighton will be happy with their point.
Albion line-up: Ryan, Montoya, Webster, Dunk, Burn; Bissouma, Propper; March (Mac Allister 80), Mooy (Stephens 88), Trossard (Jahanbakhsh 82); Maupay.
Unused subs: Button, Duffy, Gross, Murray