Mick McCarthy pronounced himself "livid" after seeing his Wolves side throw away a two-goal lead at Ashton Gate.
The Coca-Cola Championship leaders looked set to extend their advantage to seven points when goals from Neill Collins and Matt Jarvis put them in command of a game played in gale-force wind and driving rain.
But, despite playing against the elements in the second period, City stormed back and, led by substitute Dele Adebola, claimed an unlikely point. McCarthy said: "Adebola seemed to have a point to prove and changed the game - but I'm still livid that we didn't see it through."
Adebola, introduced for the second half in place of Peter Styvar, scored one goal and made the other as his team showed tremendous character and commitment to draw 2-2.
McCarthy added: "We had enough chances to make the game safe and in the end we were guilty of some very poor defending.
"I was so pleased with the way we played for much of the game and there were a lot of positives to take out of it.
"But it is very disappointing not to have taken all three points and no-one is more upset than the players in the dressing room."
City boss Gary Johnson said: "It was fantastic character by my players in some of the worst conditions you will ever see a game played in.
"We didn't do well in the first half and credit Wolves for that. But the way we responded to going two goals down was fantastic and in the end we might even have nicked it.
"You had to be out there to realise how strong the wind was and our players also had the rain driving into their faces. In the circumstances it's an excellent point for us."
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