Michael Kayode headed home a maiden Bees goal and Igor Thiago doubled the hosts' lead before Adam Armstrong gave Wolves a foothold in the contest when he scored amidst VAR controversy.
Tolu Arokodare climbed off the bench to grab an equaliser 13 minutes from time, reducing the gap to safety to 12 points whilst Keith Andrews ' side remained four points behind Liverpool .
Fresh off the back of an improved run of form, Wolves' growing confidence was evident in the early stages but it nearly proved costly after 10 minutes at the Gtech Community Stadium. Ladislav Krejci had his pocket picked by Mathias Jensen before Mikkel Damsgaard curled over from the edge of the area.
Brentford had mustered up just one goal in their previous three home Premier League matches but powered themselves into the lead in the 22nd minute when Michael Kayode netted his first goal for the club, diverting an enticing Keane Lewis-Potter cross beyond Jose Sa .
Igor Thiago stole the headlines before kick-off in West London with news of his inaugural inclusion in Carlo Ancelotti's Brazil squad, and the striker had a good opportunity to double the lead but he failed to direct Dango Outtara's cross on target.
The same combination paid dividends eight minutes from the interval for the Bees as Outtara raced onto a perfectly executed pass from Caoimhin Kelleher and slotted the ball into the path of Thiago, who tucked into an empty net.
The Brazilian almost added a third moments later as a long throw eventually fell his way but his glancing header clipped the frame of the goal.
Wolves refused to go down quietly however and halved the deficit before the break. Jean-Ricner Bellegarde drove through midfield and teed up Adam Armstrong, who whipped a strike beyond Kelleher to open his account in the Old Gold.
The hosts were unhappy that the goal stood however as Sa had picked up an alleged Krejci back-pass in the build up.
Both sides were eager for more goals in TW8 and Rob Edwards' side came inches away from restoring parity, as another counter ended with Armstrong turning Jackson Tchatchoua 's cross onto the foot of the post.
Edwards has reinspired his side in recent weeks and they were rewarded for their resilience with 13 minutes left of regulation time. Brentford failed to clear their lines and Joao Gomes delicately teed up substitute Tolu Arokodare to head home.
Arokodare nearly completed the turnaround moments later with Brentford scrambling, as the Nigerian crashed another header off the woodwork.
Keith Andrews' men almost responded with a sucker-punch header of their own in the 90th minute, as Jordan Henderson 's clipped ball was shouldered wide by Reiss Nelson from close range.
Both teams were forced to settle for a share of the spoils after a thoroughly entertaining affair, though Wolves will be the happier of the two given the way it unfolded.
On a dark, and ultimately moody, night in West London, Igor Thiago's beaming smile was enough to light up the Gtech Community Stadium.
The Brazilian was already having a day to remember after news broke in the afternoon that he'd earned himself a call-up to the Brazil squad for their games with France and Croatia , but put the icing on the cake with a customary Premier League goal.
He's now up to 19 goals for the campaign and is now just one away from equalling Brentford's record goal tally in a Premier League season – an accolade achieved by both Ivan Toney and Bryan Mbeumo .
Thiago has been in superb form since the first ball was kicked and will be hoping he can make his mark in Carlo Ancelotti's camp ahead of a summer of World Cup action.
There'll be plenty of competition for a place in the Seleção squad, particularly from the likes of Joao Pedro and Richarlison – who scored a late goal at Anfield to grab Spurs a point on Sunday – but if Thiago keeps scoring at his current rate, there's a good chance he'll be on the plane to North America.
The Wolves revival continued in TW8 and it was an extra sweet result for the travelling supporters, as they added just a fifth away point of the season.
It felt like history was going to repeat itself in West London when Brentford raced into a two-goal lead, as they did in the reverse fixture at Molineux, but this reinvented Wolves team showed an abundance of grit to force their way back into the game.
Adam Armstrong will be glad to have gotten off the mark for the club ahead of what looks to be a looming Championship campaign; a division he knows all too well having achieved promotion with Southampton in 2023/24.
Tolu Arokodare has come up trumps in recent weeks, setting up Rodrigo Gomes' all-important strike against Liverpool, and placed a well-taken header past Caoimhin Kelleher tonight.
As the games slip away, faint hopes of a great escape are dissipating in the Black Country yet a run of form that has seen them collate seven points in three games leaves them right on the heels of Burnley, who are now just one point better off than Edwards' men.
Given the way their season quickly unravelled, if Wolves can avoid footing the table come the end of matchday 38 – where they travel to Turf Moor – then they'll have salvaged some pride.
