Despite dominating possession for much of the game Spurs had to come from behind with Luka Modric cancelling out Steven Fletcher's opener to earn a point against a battling Wolves side who defended for large periods, something that did not come as a shock to the Tottenham boss.
He said: "You know they are going to be difficult. When you turn up here on a Saturday afternoon you know you are in for a tough game.
"Teams are going to drop points against these teams, they are all working hard and fighting for survival. If you look at the results over the holiday period it shows how difficult it is.
"We all get disappointed when we don't win. But they are not just going to roll over. A point's a point. We're still on a great run.
"One wouldn't quite drop for us and they defended for their lives, worked hard and pressed us, closed us down and made it difficult."
Spurs have recorded a run of decent results of late while fellow title chasers Manchester City and Manchester United have dropped points but Redknapp still feels the Premier League crown is a long-shot for his side.
"I've never said to anybody that we are going to win the league," he said. "I know where we are at and if we can get a Champions League position again this season it will be great for us.
"I only answered their question of if it is possible and of course it is possible. Man City and Man United will be red hot favourites to win the league but if we had a fantastic run in the second half like we have had in the first half of the season it could happen."
The 64-year-old also revealed he is happy with his current squad and any additions during the January transfer window are unlikely.
"I'm off to watch a game tomorrow [Sunday] but whether its worth going in the end I won't know. We keep looking but we are not chasing too much I'll be honest with you. I haven't got anyone in mind I'd like to sign. Unless I could find someone who I thought could make a difference to us."
Wolves boss Mick McCarthy was full of praise for striker Fletcher, who scored his ninth league goal of the season and he also felt his side were worth the draw.
He said: "He (Fletcher) is one of those rare commodities. A talented footballer who does everything else as well. He runs back for you, blocks shots and puts himself about.
"I'm delighted with the result because I though we deserved something from the game."
The performance of on-loan Arsenal midfielder Emmanuel Frimpong was also a plus point for the Wolves manager.
"He is a terrific player," he said. "He certainly has energy, is a good player and puts his foot in. I think his reputation as a fine young player is already there and it will just get better if he is playing in the Premier League."
McCarthy also defended the tactics deployed during the match.
"I'm not interested in chasing them in their half but once they are in our half that is where our goal is and our lads stuck to it and did well," he said.
"I'm not suggesting we kept them quiet for 95 minutes because we didn't - but I think it was a good performance."