Looking to go out on a high in front of their own fans, Burnley got off to the worst possible start when a VAR review ruled that Florentino Luis had blocked the ball with his arm in the box.
Despite the delay in taking the spot kick, Adam Armstrong kept his cool to emphatically dispatch it past Max Weiß.
The hosts went on to dominate possession through the half, but failed to create anything in the final third and were consistently caught out on the counterattack by a fluid Wolves attack.
Mateus Mane came closest to doubling the lead with a superb curling effort, but Weiß managed to get a crucial fingertip to the ball to divert it against the post.
Weiss would be called into action again 10 minutes before the break when Hugo Bueno looked set to volley home from a few yards out, but the German keeper managed to race from his line to make another outstanding block.
Despite their overwhelming possession, it took until first-half stoppage time before Jose Sa was tested, but he made a comfortable diving save to deny Luis.
Despite the lack of cutting edge in the first half, the Clarets quickly found their shooting boots after the interval. Zian Flemming had plenty to do as the ball fell to him at the edge of the area, but he kept his cool to unleash a perfect side-footed effort beyond the despairing dive from Sa.
The hosts looked the more likely to find a winner and almost completed the turnaround after a strong driving run from Hannibal Mejbri, but Sa was able to claw the ball away from the line at the second attempt.
Ultimately, both teams were easily relegated, and there was little more than pride on the line, but the result does see Burnley finish 19th, albeit without ending a 15-game winless run at home.
The draw also confirms Wolves’ spot at the foot of the table, with just three league wins to their name all season.
Flashscore Man of the Match: Kyle Walker (Burnley)
