Diego gave the visitors the lead early in the second half, but goals from Raffael and Juan Arango turned things around to put Lucien Favre's side on course for another win at their seemingly impregnable Borussia Park Stadion
However, substitute Dost struck in the 85th minute to deny Gladbach victory, even though the point still took them up to third.
Wolfsburg, who had picked up 17 points in their previous six games, nevertheless end the calendar year in fifth, just two points adrift of Borussia Dortmund.
Marc-Andre ter Stegen has yet to comment on speculation linking him with a move to Barcelona in the summer, but he let his actions illustrate how ready he is for such a big club.
He denied an in-form Ivica Olic and Diego with good saves as Wolfsburg showed no fear in the early exchanges.
Gladbach played their usual wait-and-see game, defending resolutely while waiting for opportunities to present themselves on the break, although that did not happen with much regularity.
The Wolves were rewarded for their efforts when they took the lead in the 53rd minute through Diego.
Olic sent Ricardo Rodriguez down the left and he whipped in a cross which Diego diverted in from close range.
Gladbach had to gamble, and they did so immediately with Max Kruse the first to test Diego Benaglio.
Six minutes after falling behind, the Foals were back on terms with Raffael dribbling his way through the Wolfsburg defence with ease before powering his shot past Benaglio into the far corner.
Raffael wasted another good chance as Gladbach started to build up a head of steam, and they took the lead in the 63rd minute.
Arango has developed a reputation for his free-kick prowess and when a set-piece was conceded nearly 30 yards from goal, it was his territory.
The Venezuela international stepped up and, with his feared left foot, struck the ball over the wall and into the top right-hand corner.
Gladbach tried to add a third to seal what would have been their ninth win in nine home games this season, but their failure to do so came back to haunt them when Dost chose the best time to open his account for the season.
Luiz Gustavo's shot was blocked by Ter Stegen, but the ball fell to Dost to score from close range and deny Gladbach victory.