Hamburg struck first through Hakan Calhanoglu after 19 minutes at the Volkswagen Arena, only for Ricardo Rodriguez to pull the hosts level from the penalty spot just after the half-hour mark.
Dieter Hecking's Wolfsburg then came under heavy pressure from the visitors, but managed to hold out for a point.
Bert van Marwijk's side settled into the game quickest and took the lead inside 20 minutes courtesy of teenager Calhanoglu.
The 19-year-old forward fired a long-range free kick towards goal, and the ball crashed against the crossbar before hitting keeper Diego Benaglio and dropping over the line.
Pierre Lasogga then had a chance to double Hamburg's lead 10 minutes later, but he skewed his effort well wide of goal - and his wastefulness was punished seconds later as Wolfsburg equalised.
Heiko Westermann was adjudged to have fouled Daniel Caligiuri inside the area, and Rodriguez made no mistake from the spot.
The hosts looked strong early in the second half, but Hamburg soon took control and had numerous chances to win the game.
Substitute Ivo Ilicevic had the best opening after excellent work from Lasogga, but the Croat struck the crossbar from the edge of the penalty area and both sides had to settle for a draw.
