It almost got even better for Brighton as Trossard ran through to score shortly afterwards, but his effort was disallowed for a foul, while Owen Otasowie should have won it at the death for Wolves.
The point left Brighton in 17th place, three points above the relegation zone, although they have played two games more than 18th-placed Fulham. Wolves, who are without a win in their last four games, are in 12th place.
"To show the fight we did and get back in the game, it was a massive point, it was a tough game," Dunk said.
"The penalty [after half-time] was a momentum swing."
Brighton are without a win in eight league games but the way they fought back to dominate the second half would have pleased manager Graham Potter.
His side made a great start when Trossard was given too much time and space by the Wolves defence and his cross was stabbed home by Connolly who got in front of his marker.
Wolves went ahead in the 34th minute when Sanchez punched out a cross from Pedro Neto but the ball ricocheted off the shin of the unfortunate Burn.
Burn's evening got worse when his rash tackle on Adama Traore on the byline gave Wolves a blatant penalty and Neves tucked away the spot kick.
Brighton needed a quick response after the break and were gifted a penalty immediately when the vastly-experienced Joao Moutinho tripped Maupay who got up to score from the spot.
Adam Webster hit the bar for Brighton as they pressed for an equalizer, and they were rewarded when Dunk headed in.
The dangerous Trossard thought he had put Brighton ahead when he latched on to a long clearance by Sanchez and fired home, but he was ruled to have pushed over Rayan Ait-Nouri.
All of Brighton's hard work almost came to nothing in the last second of the game when Traore's cross was perfect for substitute Otasowie, but the American teenager headed over.
"I'm sad and frustrated," said Wolves manager Nuno Espirito Santo. "We had the game under control and in the second half we should have done much better."