Although Villa dominated for long spells, Wolves boosted their survival hopes with another vital point off their Midlands rivals.
For a time it appeared that Wolves were heading for victory when they battled back after Carew had given Villa an early lead.
Jody Craddock equalised and then James Milner put through his own net to lift Wolves and rise their hopes of achieving successive away wins for the first time ever in the Premier League.
Carew then popped up for his vital 83rd minute equaliser for his 13th goal of the season.
With the spoils shared for the second time this season in the 100th clash between these two Midlands rivals it means that Wolves are still seeking their first win in 16 games against Villa.
As predicted by Villa manager, Martin O'Neill, nothing can be taken for granted and yet again his side dropped vital points to a bottom half side.
Villa missed the absent Gabby Agbonlahor although their strikeforce of Emile Heskey and Carew posed some early problems to give an indication of the task facing relegation battlers Wolves.
Carew was the first to threaten with an angled cross shot which went across the face of Wolves goal. Fortunately for Wolves Stephen Warnock was too late arriving at the far post to make a connection.
Battling Wolves had to withstand a lot of pressure with Ashley Young and Milner, under the watchful eye of England manager Fabio Capello, producing a lot of smart moves.
Milner and Young, making his 250th league appearance, combined to set up the opening goal in the 17th minute.
The unmarked Milner gained possession in midfield and produced a 30-yard pass to Young, who ducked inside Ronald Zubar to send a low cross into the middle where Carew was on hand to score.
It was the big striker's 12th goal of the season and certainly added increasing pressure on Wolves who struggled to compete in midfield despite fielding a 4-5-1 line-up.
But in the 24th minute they surprised Villa when Craddock scored the equaliser following a David Jones free-kick.
Stiliyan Petrov had been somewhat harshly booked for a tackle on Kevin Doyle and from the free-kick Zubar nudged the ball into the path of Craddock to notch his fifth goal of the season.
It was only the fifth time Wolves have scored in their last 12 away matches and could not have come at a better time as it undoubtedly lifted their game.
This was demonstrated in the 39th minute when Jones put Matt Jarvis clear on the left. Jones ran into the area for the return pass only for Milner to stab the ball into an empty net to give Wolves a surprise interval lead.
It was backs to the wall for Wolves in the second half with Carew and Heskey both going close to the elusive equaliser.
Carew finally provided the finishing touch when he deflected home substitute Steve Sidwell's 83rd minute shot to maintain Villa's unbeaten league record in 2010.