Hutton appeared to deny Nenad Milijas a clear goalscoring opportunity when he pulled him back inside the box at the end of the first half.
Referee Mark Halsey awarded a penalty but chose only to yellow card Hutton. Redknapp revealed he had not seen a re-run of the incident, but when informed by the media what had occurred, he conceded Hutton should have been dismissed.
He said: "There were bodies 70 yards away from me in the box and the ref has suddenly given the penalty. I didn't have a clue why he had give it because we couldn't see from the dug-out.
"I haven't looked at the video. But, if he pulled his arm, it must be a clear goalscoring opportunity. He is very lucky not to get sent off then."
Wolves were also aggrieved to have a Richard Stearman effort ruled out for a foul on Spurs keeper Heurelho Gomes. But Redknapp, who was excited by the return from injury of Gareth Bale, claimed: "I thought that was a foul. He was looking at Gomes and not the ball."
Source: PA
Source: PA