Michael Ricketts and Tom Stewart each scored twice in Wolves' final home game of the season.
Ricketts, who had only just returned from a three month loan spell with Burnley, could even have had a hat-trick.
But it was Wolves who took the lead midway through the first half when Stephen Gleeson set up Stewart who hit a shot from 12-yards past Whites keeper Marc Wilberforce.
Daniel Jones was yellow carded for a bad challenge on Simon Madden just before the break.
Leeds equalised four minutes after the break when Jonathan Howson was fouled 25-yards out by Conor Rafferty. Ricketts stepped up to take the free-kick and curled the ball around the wall and past the Wolves keeper Carl Ikeme.
On 68 minutes Leeds took the lead with Dan Harding's cross from the left creating the chance for Ricketts.
Ricketts headed the ball against the foot of the near post but was able to turn the rebound over the line from close in.
United looked like finishing the season with a win but Stewart headed his second goal of the game past Wilberforce when Gleeson floated a free-kick into the area.
Leeds: Wilberforce, Camfield (Bayly 60), Harding, Hird, Madden, Walton, Griffiths, Einarsson, Howson (Ameobi 73), Ricketts, Parker (Brown 79).
Wolves: Ikeme, Little, Rafferty, Gleeson, Craddock, Riley, Bennett, Salmon (Hughes 85), Stewart, Frayne (Ferran 68), Jones.