Birmingham City goalkeeper Colin Doyle won praise from both managers in the FA Cup.
Doyle finger-tipped a powerful drive from Wolves winger Matt Jarvis on to the post and then reacted quickly to keep out Steven Fletcher's close range follow-up header.
It means the two sides must replay at Molineux on January 17.
Blues boss Hughton said: "It was a brilliant save at the end. It kept us in the tie.
"But we certainly needed Colin at that moment and it earned us a replay."
Wolves boss McCarthy said: "I think the game was going to be decided on something daft or a fabulous bit of football.
"As it turned out it was decided on something brilliant.
"It was almost a brilliant goal from Jarvo's initial strike and then two brilliant saves from Doyle kept it all square.""That is the thing with keepers. They cannot be too troubled for most of the game which was the case today.