Wolves took the lead through Marshall Munetsi when Fer Lopez threaded the ball through for him to finish neatly beyond Balazs Hoth. But Blackburn scored a deserved equaliser when Sean McLoughlin nodded in from Ryoya Morishita's right-wing cross.
And Rovers stunned most of the 30,984 inside Molineux when Andri Gudjohnsen converted from close range early in the second half. Wolves turned to returning hero Jimenez off the bench but there was very little sign of them finding an equaliser.
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That changed when Jackson Tchatchoua's left-wing cross struck the hand of the otherwise excellent Ryan Alebiosu just inside the box and the referee awarded a penalty. Jimenez held his nerve to snatch a point for Cesar Peixoto's Wolves side.
It was barely deserved. Tony Mowbray's Blackburn, unfancied going into the campaign before a ball was kicked, could not hold on for the victory but did exceed expectations. Wolves will need to improve significantly if they are to come close to satisfying theirs.
Key moments at Molineux
18 - GOAL! Munetsi opens the scoring for Wolves
28 - GOAL! McLoughlin nods Blackburn level
49 - GOAL! Gudjohnsen slots Blackburn ahead
60 - SUB! Cometh the hour? Jimenez is introduced
90+3 - GOAL! Jimenez converts a penalty to equalise
Jimenez: We need to learn from this
Wolves hero Raul Jimenez speaking to Sky Sports:
"It's amazing to be back, scoring in the first game of the season. It's not the result we were looking for in our first home game of the new season, so we need to learn from this. All the games are going to be difficult here, no matter who we play against.
"We need to keep going, it's just the start. I'm going to keep working and going forward to keep improving with the team, to hopefully earn many points and score a lot of goals."
On giving out free 'Si Senor' scarves to the Wolves supporters in the Sir Jack Hayward Stand:
"It's nice to give them back some love that they were showing me for the past eight years, even when I wasn't here at the club. I felt the big love they had for me, so it's the least I could do."
