Jordan Holsgrove shot just wide with a free-kick from 30 yards in the first half, before Wolves' Bernard Ashley-Seal had an effort ruled out for offside.
It means Reading are unbeaten in five matches and level on points with second-placed Blackburn Rovers, who have two fixtures in hand.
Wolves are also five without a loss but are eight points off the play-offs.
See: Reading report
Reading: 4 Feb v Norwich (A) PL2
Wolves: 5 Feb v Newcastle (H) PL2