Romanian international striker Ganea marked his first League start in 18 months after a knee injury with a 59th minute equaliser to cancel out Dickson Etuhu's first-half opener.
But Ganea's celebrations were short-lived as he was dismissed just 11 minutes after scoring for a rash challenge on Preston midfielder Paul McKenna.
Despite their lack of manpower, Wolves were able to hold on for a point but the latest stalemate at Molineux did nothing to kick-start their promotion bid.
They have now failed to win any of their last five home games - taking just three points from a possible 15.
Preston's home record is even worse than that of Wolves as they have yet to win at Deepdale this season. But on the road they are a different proposition having now won three and drawn three of their eight away games.
They could easily have collected a fourth away win at Molineux as only seconds before Ganea equalised, when he converted a Ki-Hyeon Seol cross with a first-time volley from eight yards, David Jones had hit the foot of the post.
Preston, who have drawn six of their last eight games, were well worth their half-time lead as they took the game to Wolves and could easily have been well in front well before Etuhu struck in stoppage time.
Their impressive build-up play was finally rewarded in a frantic end to the first half. Goalkeeper Michael Oakes initially saved Wolves when he tipped away a sliced clearance from Joleon Lescott after Tyrone Mears had whipped in a cross following a run down the left wing that left full-back Lee Naylor in his wake.
But Wolves' escape only lasted a few seconds as from the resulting corner McKenna lifted over a centre that the unmarked Etuhu, who had been sent off in the corresponding fixture last season, headed home.
Wolves did step-up their game in the second half and Ganea and Seol both went close to scoring before the duo combined to rescue a point for Glenn Hoddle's side.
After Jones had seen his shot crash off the post, Wolves immediately surged forward and Seol whipped in a right-wing cross that was skilfully converted by Ganea.