Lys Mousset put the visitors in front after just 63 seconds at a 31,642-strong Molineux – the largest home gate in 38 years – but Matt Doherty levelled in the second half.
The Irishman headed home and kissed his black armband – in tribute to former striker Benik Afobe, whose daughter Amora has passed away at the age of two.
"It was a good game. We started bad because Sheffield pushed us very hard, pressed us very good, created problems," said Nuno.
"We were bad in the first situation they had, so everything became harder.
"But we stayed in the game and competed until the end – first half, second half, through all the game against a very good team.
"Both teams wanted it. It was up and down, but it was a good game of football."
Wolves are now sixth in the Premier League table and on a nine-match unbeaten run.
After Mousset scored early on, the Blades had David McGoldrick spurn a couple of gilt-edged opportunities to add to their lead.
Doherty was then found by a sumptuous Raul Jimenez cross as the sides shared the spoils.
"We had chances, but we were unbalanced also," said Nuno, on if Wolves should have won it.
"We finished the game on the front foot, having free-kicks, crosses and a lot of possession from one side to the other.
"We tried until the end. Both teams tried until the end."
He added: "It was a brave game with a lot of duels, but fair duels. It was us and Sheffield fighting for the ball, and it was fair."