Wolves appeared to be heading for a third successive defeat before the leveller but have now registered just one win in their last 10 league games.
"The way Wolves are at the moment, when we got the second goal you could feel the tension, you could smell it around the place and you could sense the fans were getting really nervous," said Jones, who managed Wolves between 2001-2004.
"I couldn't see them scoring in the second half and the longer it went on the more the crowd were getting disgruntled.
"All home crowds are the same, everybody turns on their team if they're not playing well.
"When you're trying to get out of this division, the tension grows. The prize is so great."
Andy Keogh had already hit a post when Sylvan Ebanks-Blake headed in his 21st league goal of the season in the 11th minute.
But Cardiff hit back strongly in an entertaining encounter and levelled through Michael Chopra before centre-back Roger Johnson headed them in front shortly after the restart.
The manner of the late equaliser crushed Cardiff hearts but Jones refused to blame his on-loan goalkeeper.
"It happens in football, there's nothing you can do," Jones added. "He's made a mistake, there were plenty out there from two sets of players and three officials but unfortunately they didn't cost.
"Everyone's right behind Dimi. We all make mistakes together.
"I think with our second-half performance we felt we should have come away with maximum points.
"I know it's no consolation but if you would have said you would come here and take a point then you would have taken it."
Wolves boss Mick McCarthy, who took his players to La Manga this week in a bid to recharge their batteries, was delighted with his side's overall display and was more than happy to see a slice of luck finally go their way.
"It was a terrific first-half performance," he said. "It was a really improved display. I thought our luck had deserted us but then maybe our luck came back here.
"But we've played well, I'm delighted with the overall display."
McCarthy was keen to stress that although the tension was building at Molineux as the race for promotion hots up, it is no different anywhere else.
"It's never easy, there's frustrations all around the league, it's no different here," he added.
"Dave (Jones) has got it down there, Steve Coppell's got it down there at Reading and Alex McLeish has got it at Birmingham.
"There's two scenarios here. It's an anagram isn't it? If I get promoted I'm a god and if we don't I'm a dog."