ZOLTAN Gera saw an 85th-minute spot-kick saved as honours finished even in this fiercely-fought fifth Black Country derby of 2007.
Impeccable Wolves keeper Wayne Hennessey dived to his right to claw away the Hungarian star's side-footed effort from 12 yards.
The penalty miss confirmed Albion's first goalless draw in a staggering 73 matches but it was enough to move Tony Mowbray's men back into the automatic-promotion places on goal difference.
A point apiece was just about right as the leading scorers in the country were frustrated by a Wolves team boasting the division's second-joint meanest defence.
The Baggies enjoyed longer spells of pressure while Wanderers midfielder Seyi Olofinjana wasted the game's two best chances from open play.
Albion are now six games unbeaten and have closed the gap on leaders Watford to five points.
The Hawthorns outfit headed into the 155th Black Country derby knowing a draw would be good enough to lift them back into second place after being leapfrogged by Charlton yesterday.
The Baggies started the game four points and three places better off than the Molineux men as Mowbray made one change, with Chris Brunt coming in for the injured James Morrison.
The game kicked off in a crackling atmosphere and Albion soon had Wolves pushed back deep inside their own half.
However, it was the visitors who recorded the first shot of the clash, with midfielder Darron Gibson firing well wide from 30 yards in the fourth minute.
Albion stormed straight upfield and went close in bizarre circumstances.
Wanderers left-back Neill Collins could only head Brunt's dangerous free-kick towards his own goal and it needed the alert Hennessey to tip the ball over for a corner.
There was plenty of passion on display but the opening minutes were scrappy as both sides struggled to keep possession.
It was from such messy circumstances the next chance emerged.
After Wolves had failed to clear Robert Koren's misplaced pass, Ishmael Miller lashed the loose ball just wide from 20 yards.
But Albion got their passing going in the 21st minute - and to almost deadly effect.
Brunt ran onto Paul Robinson's terrific slide-rule pass down the left and pulled the ball back for Koren who fired inches over from 15 yards when he should have at least hit the target.
Back came Wolves and skipper Jody Craddock crashed the outside of the near post with a downward header from Jay Bothroyd's corner.
But Albion steadily began to build up a head of steam and Hennessey was relieved to see Jonathan Greening's deflected 25-yard drive loop wide of his left-hand post in the 29th minute.
Moments later, the Wolves keeper had to produce a last-gasp punch to prevent Miller getting on the end of Koren's centre.
The on-loan Manchester City striker then showed terrific strength in racing onto Koren's neat pass and beating both Collins and Darren Ward before firing straight at Hennessey from the edge of the box.
Wolves simply could not get out of their own half.
But when they finally did, in the 35th minute, they should have scored.
Michael Kightly came to life when he beat Bostjan Cesar down the right and whipped a pinpoint cross to the unmarked Olofinjana who headed wastefully wide.
Albion were soon back on the attack and the increasingly influential Filipe Teixeira fizzed an ambitious 30-yard drive just wide.
The attempts on goal were now coming thick and fast and Robinson wasn't too far away with a flying header from Brunt's centre.
The Baggies left-back made a telling contribution at the other end in the 40th minute.
Robinson diverted the ball over his own bar with an awkward diving header to prevent Bothroyd getting on the end of Stephen Ward's exquisite cross.
Wolves were now enjoying their own purple patch and Miller did well to deflect wide Ward's 20-yard volley after Albion had failed to properly clear a Bothroyd flag-kick.
The Wanderers pressure continued and Gibson was just inches away with a 20-yard grass-cutter following a well-worked short free-kick.
That proved the final action of what had developed into an entertaining half.
The second 45 began with a flurry of offsides at both ends of the pitch as the two teams again took time to find their feet.
But Teixeira almost broke the deadlock with a 56th-minute moment of magic.
The Portuguese playmaker controlled Carl Hoefkens' lay-off and spun Darren Ward in one movement before seeing a 25-yard curler tipped magnificently onto the far post by Hennessey at full stretch.
Albion were on top again but Greening was well wide with a 30-yard drive which sailed high into the Smethwick End.
Wolves suffered an injury blow in the 61st minute when key-man Kightly limped off and was replaced by Freddy Eastwood.
The visitors had barely been in the final third during the second half but it took a stunning Robinson block to prevent Wolves sub Stephen Elliott's ten-yard drive troubling Dean Kiely's goal.
Back came Albion and a terrific Teixeira dummy almost presented sub Craig Beattie with a golden opportunity, with Hennessey rushing off his line to save bravely at the Scotland international's feet.
Eastwood made his first telling contribution with a stinging 15-yard drive which Kiely blocked at his near post.
The action swung straight to the other end and Darren Ward had to make a vital near-post block to prevent Beattie getting on the end of Miller's powerful run and cross.
From Greening's ensuing 82nd-minute corner, Robinson flashed a downward header wide.
Wolves went close again 60 seconds later when Olofinjana stabbed Gibson's low cross into the side-netting.
Albion were handed a glorious chance to bag a fifth win in six games five minutes from time when they were awarded a penalty for Collins' tug on Beattie.
But Hennessey guessed the right way to push out Gera's spot-kick and the game eventually petered out into the first scoreless draw of Mowbray's reign.
ALBION (4-4-1-1): Kiely; Hoefkens, Barnett, Cesar, Robinson; Gera, Koren, Greening, Brunt (Beattie 68); Teixeira (MacDonald 76); Miller (Bednar 83). Subs not used: Steele (gk), Pele.
WOLVES (4-5-1): Hennessey; Foley, D Ward, Craddock, Collins; Kightly (Eastwood 61), Olofinjana, Henry, Gibson, S Ward; Bothroyd (Elliott 64). Subs not used: Stack (gk), Potter, Gray.
GOALS: None.
BOOKINGS: ALBION - Teixeira (foul 63). WOLVES - Olofinjana (foul 58).
REFEREE: C Foy (Merseyside)
ATTENDANCE: 27,493.
ALBION STARMAN: Filipe Teixeira.
PIC: BLACK COUNTRY BATTLE...Miller locks horns with Craddock
