Jan Moravek earned the visitors a point with a 25th minute equaliser - two minutes after Naldo had put the Wolves ahead.
Augsburg have picked up five points from their first three matches of the new year, although Hoffenheim's victory over Freiburg saw the Bavarians slip back down to 17th in the table.
Wolfsburg got at Augsburg straight away and nearly took the lead through a Naldo free-kick.
Diego went even closer in the 21st minute, with Alex Manninger pulling off a fine save to deny him.
There was nothing the Austrian goalkeeper could do to prevent Naldo from giving Wolfsburg the lead in the 23rd minute, though, with a bullet header from Diego's corner.
The Wolves were still celebrating when Augsburg silenced the VW-Arena within minutes.
Ja-Cheol Koo set up Moravek, who left Diego Benaglio no chance from close range.
The goal inspired Augsburg into rediscovering the form they have produced in their previous two games since the turn of the year, and they showed no fear against their hosts.
Moravek and Daniel Baier both tested Benaglio, who became the busier of the two goalkeepers.
Augsburg continued to attack in the second half, with Baier pulling the strings in their midfield.
And they could have had a penalty too, but the referee deemed Koo had not been fouled in the area in the 63rd minute.
It was the last big shout of the game as the two sides then began to settle for a share of the spoils, which confirmed the progress Augsburg have made in 2013 while showing how much work Wolfsburg still have to do if they are push on for a European berth.