Paul Shaw's incisive finish looked to have won it for the Blades, who twice came back from a goal down before taking a 72nd-minute lead.
However, Wolves plugged away gamely all afternoon and Lescott deservedly ensured an enthralling game finished all-square with a crisp 87th-minute equaliser.
Wolves were rewarded for an industrious start with the opening goal when Seyi George Olofinjana converted Mark Clyde's centre after just seven minutes.
However, the Blades, who have now lost only once in 14 games, retaliated when Leigh Bromby made it 1-1 with a stunning volley two minutes before the half-hour mark.
The visitors got their noses back in front shortly after the restart when Carl Cort scored his sixth goal of the season from close range.
Paul Thirlwell made it 2-2 with his first league goal in 108 league appearances, before Shaw and Lescott traded blows in a dramatic finale at Bramall Lane.
The game began at a ferocious pace, with Dean Sturridge and Cort forcing Blades goalkeeper Paddy Kenny into two early saves to keep parity.
Moments later, Andy Gray's header at the other end was skilfully clawed away to safety by Michael Oakes.
Oakes' stop inspired the visitors, who gained the upper hand when Olofinjana scored his second goal of the season.
Clyde was afforded far too much space on the right flank and sent over a fine delivery into the path of the Nigerian.
Olofinjana did well to hold off defender Chris Morgan before firing the ball into the top left-hand corner of the net.
Neil Warnock's men countered with a Liddell strike which fizzed inches wide of the target and a Michael Tonge volley which rocketed just over the crossbar.
Wolves finally buckled under wave upon wave of United pressure when Bromby equalised after 28 minutes.
Liddell's outswinging corner picked out the former Sheffield Wednesday man, who controlled the ball with his chest before rifling a textbook volley into the roof of the net.
United poured forward in search of another goal but in doing so left gaping holes at the back, which Wolves nearly exploited after 38 minutes when Sturridge's volley was superbly saved by Kenny from point-blank range.
Warnock's side did not learn their lesson and were left chasing the game again when Cort finished from six yards after Colin Cameron had done all the donkey work on the left wing.
Wolves' joy lasted three minutes as Thirlwell latched on to another dangerous Liddell corner with a precise volley.
Although the game ebbed and flowed with refreshing alacrity, it was the home side who now held all the aces.
The managerless visitors were wobbling, and Shaw thought he had delivered the knockout blow with his first goal in eight games.
Shaw did well to trap Liddell's cross and did even better to sweep the ball past Oakes from 10 yards.
However, Wolves refused to throw in the white towel and Lescott earned his side a share of the spoils after Cort's flick allowed the young centre-back the opportunity to bundle the ball into the back of the net.