Carroll followed up his hat-trick against Aston Villa by cancelling out Sylvan Ebanks-Blake's second goal of the campaign - as many as he managed in the whole of last season.
Newcastle had enough opportunities to secure a second win of the season, but Wolves maintained their unbeaten start.
This was an old-fashioned blood and thunder type of game with the tackles flying in from both sides throughout the 90 minutes. Wolves had seven players booked and Newcastle five.
The Magpies demolished managerless Villa 6-0 last weekend and they created plenty of chances against Mick McCarthy's side.
Skipper Kevin Nolan, in particular, will feel he should have been more clinical in front of goal on at least two occasions.
Carroll gave more glimpses of his potential and was a constant source of danger.
But Wolves have developed a never-say-die attitude under McCarthy and this was typified by captain Karl Henry's driving display in midfield.
Newcastle looked the better side in the early stages.