Wolves were left fuming when they thought they had made it 2-2 in stoppage time after Maximilian Kilman headed in from a corner before the goal was ruled out for offside.
Referee Tony Harrington was advised to check a monitor for the offside decision against Tawanda Chirewa who was in front of West Ham keeper Lukasz Fabianski, with Wolves boss Gary O'Neil describing it as a 'scandalous' and 'horrendous' decision.
"When a goal is scored and not one person inside the stadium questions the validity of that goal, including both sets of players, coaches, fans and even the match officials themselves, it's time to question whether someone remote disallowing that goal is really what football wants or needs," Shi said.
"It is our sincere hope that the Premier League and (referees' body) PGMOL recognise the importance of addressing these concerns to uphold the integrity of the competition and demonstrate why the Premier League is regarded as the best in the world.
"The club will continue to support our players and coaches to keep pushing hard, together with our fans, to take on every remaining game with the passion and determination that has made this team a success, and one that we're proud to support."
The decision was not the first time Wolves have been on the receiving end of a controversial call this season.
In August, PGMOL's chief refereeing officer Howard Webb apologised to Wolves when they did not receive a stoppage-time penalty in a 1-0 defeat at Manchester United.
Webb also said VAR fell short during Wolves' 2-2 draw against Newcastle United in October when Newcastle were awarded a dubious penalty.
