United led three times against Wolves but had to settle for a point ahead of Wednesday's big FA Youth Cup tie against Charlton at Old Trafford.
Sam Byrne opened the scoring before James Wilson and Kenji Gorre claimed their first goals of the season in the second half. However, the visitors battled back valiantly on each occasion to exploit some poor defending from set-pieces and capitalise on their height advantage.
Danger-man Liam McAlinden posed an immediate threat but Wilson should have opened the scoring with only three minutes gone, firing inches wide with his left foot after the ball broke kindly to him. The Reds did break through when Rowley fed Gyliano van Velzen and the captain's fine trickery allowed him to get in a cross that was met by an instant near-post finish by Byrne on 13 minutes.
Rowley's cross almost supplied a carbon-copy effort from Byrne but McAlinden was a major influence at the other end, forcing a block out of Nicolas Ioannou with a volley and then hitting the outside of a post from long range. United also survived a goalmouth scramble with Matthew Wilkinson making a vital block while Liam Grimshaw was unable to divert a driven cross from van Velzen on target before half time.
Crucially, Byrne curled a shot just wide after going it alone and, seconds later, a simple goal levelled matters as Sam Whittall headed a McAlinden centre over Jacob. The home side regained the lead when Byrne's flick allowed Kenji Gorre to jink into the box and Wilson took over to steer past Jonathan Flatt for his first goal of an injury-hit campaign.
The lead lasted only three minutes as a corner bounced off the otherwise outstanding Rowley and left Jacob with no chance but United's response was