The result left Burnley six points shy of safety with seven games still to play.
But with a match away to fellow strugglers Everton on Saturday, Burnley manager Kompany said his side could yet beat the drop.
“I’m fairly confident our team is a team of improvement, we can get better and I want them to continue doing that,” he said.
“It’s not surprising at all that we are where we are but, OK, that’s in the past. It’s what the next game brings. Start the game with confidence we can do something.
“I don’t conceive a moment this season where we won’t keep fighting.”
For Wolves, the draw moved them on to 42 points, surpassing last season’s total with eight games left to play.
They are now three points behind seventh-placed West Ham with a game in hand.
“There’s never been a top-seven focus, just finish as high as we can,” said Wolves manager Gary O’Neil.
“I would love us to finish in the top seven, the lads would love to finish in the top seven and they’re pushing as hard as they can.”
© Agence France-Presse
Photo: Twitter @Reuters