The Palace manager praised a "very good second half performance" but expressed his frustrations with the overall result, saying it was "unbelievably disappointing."
Speaking in his post-match press conference, Hodgson said: "I thought that we did more than enough in the second half of the game to win it. It was a very good second half performance.
"Perhaps we should have taken one or two of those very good chances that we created or those situations apart from the obvious chances that we created around the penalty area, then maybe we wouldn’t have been concerned about the last minute of the game and a cross coming into our box. But we didn’t.
"We weren’t able unfortunately to manage those last five minutes by preventing them from getting any sniff at our goal or any balls in our penalty area and as a result they took the chance."
Hodgson also reflected on the difference in the two teams' reaction to taking a point each, saying: "They [Wolves] will go away very, very happy this evening, feeling that they’ve won the game really.
"Because when you’ve been behind and you’ve had a long time to come to terms with the fact that you’re probably not going to get any points today and then you get one, it’s a great feeling, a happy feeling. Of course, in contrast to that, when you really think that this is our game, this is our three points today and suddenly it becomes one, it’s like a defeat."
You can hear more from Hodgson and watch full interviews on Palace TV either by clicking here or 'Palace TV' in the official Palace app.