Bryan Robson's Albion side had gone into the game knowing that a win would have closed the gap between themselves and fourth from bottom Portsmouth to just a point following the Fratton Park side's defeat earlier in the day at Charlton.
But, despite a stirring second-half display, Albion just could not find a way through the Bolton rearguard.
The point, only their third from the last 30, keeps alive their hopes of avoiding the drop, but they remain the outsiders in the mini league involving themselves Portsmouth and Birmingham City.
Robson had labelled the game as a must win match but a lack of firepower again proved to be their undoing.
A point was also of little use to Sam Allardyce's Bolton side, although it did at least end their run of five straight defeats.
With Kevin Davies operating as a lone front man, Bolton's threat in attack was almost as minimal as Albion's.
But they still managed to waste the best chance of the game in the final minute of stoppage time when skipper Kevin Nolan somehow managed to fire his shot over the bar from just six yards after a pin-point cross from Ricardo Vaz Te.
Considering their Premiership status is on the line, Albion's start was lethargic to say the least and it was Bolton who made all the early running.
Albion were fortunate to escape twice in the space of two minutes - first when Jay-Jay Okocha saw his free-kick from 20 yards deflected wide and then when Nolan headed a cross from Ricardo Gardner over the bar.
It was fully 32 minutes before Albion could muster a shot of note and Nigel Quashie's speculative effort flew well wide from 30 yards.
But Albion were unfortunate not to break the deadlock five minutes later when only the lighting reflexes of goalkeeper Jussi Jaaskelainen kept Bolton on level terms.
Steve Watson launched a long through into the Bolton area that was flicked on by skipper Kevin Campbell. Zoltan Gera then steered the ball goalwards only to see his header deflected off the chest of Abdoulaye Faye.
Faye's inadvertent intervention looked set to push the ball beyond Jaaskelainen.
But the highly rated Finn managed to beat away the ball before it was hacked to safety by a relieved Bolton.
Following their slow start to the first period, Albion showed more urgency at the start of the second half but continued to meet with frustration.
Watson saw his 53rd minute close-range shot blocked and then a surging run into the area by Quashie was halted by the imposing presence of the impressive Faye.
With Bolton seemingly content to sit back and soak up whatever Albion threw at them, their tactic should really have backfired in the 73rd minute when Diomansy Kamara wasted a gilt-edged chance.
He had set up the opening himself by feeding Gera, whose cross was then flicked on by Campbell into the path of Kamara, who sliced his shot wide from six yards at the far post.