Wolves looked to be heading for a second successive defeat when Chris Lucketti and David Healy fired the visitors into a 2-0 lead inside the opening 15 minutes.
But two goals in the space of three second-half minutes from teenage striker Leon Clarke and Miller rescued the home side.
It was the 37th minute dismissal of Dickson Etuhu and a half-time roasting from manager Dave Jones that turned around the fortunes of Wolves.
They were a transformed team in the second-half and could have gone on to win the game but for an inspired display by the Preston goalkeeper Andy Lonergan.
Before Clarke struck in the 76th minute, Lonergan had pulled off stunning saves from Paul Ince, Miller and Shaun Newton and then denied Seyi Olofinjana in the dying moments.
However, he was powerless to deny Clarke on his full home debut when the 18-year-old rammed home a cross from Colin Cameron.
Charged up Wolves had Preston reeling in this spell and their pressure paid off when Miller raced on to a pass from Newton and drilled home the equaliser from 16 yards.
It earned Wolves their first point of the season but left Preston feeling hard done by after their impressive first-half display.
Wolves' goalkeeper Paul Jones handed Lucketti Preston's opener after twice failing to collect crosses.
When the loose ball fell to Healy his shot cannoned off the post. Healy then fired the rebound into the centre of the penalty area. Lucketti reacted faster than the Wolves defence and forced home his shot from 12 yards, despite the best efforts of Ince on the line.
Lucketti then rattled the bar with a header four minutes later before Healy doubled Preston's advantage in the 15th minute.
Once again the Wolves defence was caught napping after a quickly taken corner by Graham Alexander. He picked out Healy whose low drive from 14 yards whistledpast Jones.
Preston were dominant but the shine was taken off their good work in the 36th minute when Etuhu was dismissed.
He lashed out at Kenny Miller after being fouled by the Scottish international striker, leaving referee Paul Armstrong with no option but to send him off.
It proved to be a key moment as the lack of manpower cost Preston dearly when Wolves came to life in the second period.