Kevin Doyle and Jermain Defoe shared four first-half goals before Roman Pavlyuchenko looked to have wrapped up victory for Spurs.
But substitute Fletcher headed home the leveller in the 87th minute to earn his side a vital point in the battle for survival, while also preventing Spurs from climbing above Chelsea into the fourth Champions League spot.
Defoe had the satisfaction of scoring his first Premier League goals of the campaign in his 14th appearance and he now has 99 in total.
But Wolves produced some of their best football of the season. Nenad Milijas was a constant threat playing behind Doyle while Matt Jarvis delivered a series of menacing crosses.
The afternoon started with a minute's applause from supporters before kick-off in honour of former Wolves and Tottenham defender Dean Richards who died last week aged just 36.
Source: PA
Source: PA