A late goal by Ronald Zubar kept Wolves in the compeition and now they face a reply at Selhurst park on February 2nd.
Palace were in front as early as the 3rd minute from an Alan Lee header. By half time Wolves were level through David Jones.
The second half was aonly a few mins old when Darren Ambrose put Palace back infornt and they looked like pulling off a shock until Zubar's late effort.
Palace must now fancy their chances at Selhurst Park in the replay.