Luiz Gustavo put the Wolves ahead after 36 minutes, but Karim Bellarabi salvaged a point for the hosts three minutes after the interval.
The result was Braunschweig's third straight draw and kept them three points adrift of fourth-bottom Stuttgart and extended Wolfsburg's winless run to three games.
Braunschweig remained last in the table but picked up their third straight draw and have lost just once in the last five games for 18 points.
The first chance of the game fell to Wolfsburg in the 21st minute as Maximilian Arnold's free-kick was deflected off the wall and just wide of goal.
Wolfsburg took the lead nine minutes before half-time when Braunschweig goalkeeper Daniel Davari stopped Naldo's header but the ball struck defender Ken Reichel and fell kindly for Luiz Gustavo to hammer home.
Braunschweig equalised just three minutes after the restart, though. Domi Kumbela crossed from the right side into the middle, where Bellarabi blasted a volley past Diego Benaglio from eight yards out.
Davari made a great save from Ricardo Rodriguez soon after and Wolfsburg went close again four minutes later when Bas Dost's shot flew just over the crossbar.
Braunschweig went even closer midway through the second period when Reichel's long-distance drive was deflected just over the bar.
Both teams made all three substitutions in the final 18 minutes in a bid to regain control but neither was able to find a winner.