The former Manchester United striker, who is on the wanted list of Wolves boss Dave Jones, struck 11 minutes from time with his fifth goal of the season.
Wolves had fought their way into the lead through second-half goals from Paul Butler and Alex Rae, cancelling out the advantage Andy Cole's sixth goal of the season after 15 minutes had given Blackburn.
Blackburn were fortunate to escape with a point as Wolves striker Henri Camara missed a hatful of chances.
With Jones confined to his sick bed by a virus he was left feeling even worse when Blackburn took the lead less than 60 seconds after Wolves had threatened to break the deadlock themselves.
Only a last-ditch challenge from Blackburn central defender Martin Taylor prevented Rae scoring from ten yards.
While Wolves were still cursing their luck, Blackburn raced upfield and made the breakthrough.
Australian international Brett Emerton made strides down the right wing and delivered a pin-point cross that Cole drove home from six yards.
It proved to be a rare threat by Blackburn and Wolves created enough chances to be back on level terms before half-time.
But their finishing, particularly that of Camara, let them down.
Camara missed three chances from close range, failing to hit the target with any of them, as Blackburn were able to successfully ride their luck, until the intervention of Butler.
Butler grabbed a hard earned equaliser for Wolves when he rose above the Blackburn defence to head home a left-wing free-kick from Rae after 63 minutes.
It sparked a spell of intense Wolves pressure and only the woodwork saved Blackburn two minutes later with Camara again wasting a golden chance.
Butler nodded a Mark Kennedy corner into the path of Camara only for the former Sedan marksman to rattle the post from four yards.
Fortunately for Wolves, Rae proved to be more clinical in the 72nd minute.
Camara fed the ball into the path of Nathan Blake who in turn picked out Rae. The former Sunderland midfielder calmly rolled the ball home from 20 yards for his eighth goal of the season.
It looked good enough to earn Wolves a badly needed victory until Blackburn won a free-kick on the right wing.
Emerton once again was the provider, this time floating in a cross that Yorke nodded home from seven yards.
Wolves: Oakes, Irwin, Craddock, Butler, Naylor, Newton (Gudjonsson 83), Rae, Cameron, Kennedy, Iversen (Blake 32), Camara. Subs not used: Miller, Clyde, Ikeme.
Blackburn: Friedel, Babbel, Short (Johansson 43), Martin Taylor, Neill, Emerton, Flitcroft, Tugay, Gresko (Baggio 75), Cole, Gallagher (Yorke 61). Subs not used: Yelldell, Jansen.
Attendance: 27,393
Referee: N Barry (N Lincolnshire).