Keogh struck in the fifth and final minute of stoppage time as Wolves came from behind three times to salvage a share of the spoils.
It was rough justice on Rangers who had looked set to earn only their second away win of the season after Mikele Leigertwood had given them the lead for the third time in the 79th minute with a thunderous 20-yard drive.
But a late assault earned Wolves their reward after Sylvan Ebanks-Blake had been denied by Lee Camp and then hit the post before Keogh rammed home the ball in a goalmouth scramble.
Akos Buzsaky had given Rangers a 28th-minute lead with his tenth goal of the season before Keogh dragged Wolves level on the stroke of half-time.
Rangers still looked to be on course for a rare success on the road when Dexter Blackstock restored the lead for the Loftus Road outfit with a 49th-minute penalty.
Luckless Neill Collins gave away the spot-kick - the fifth penalty he has conceded this season - when he handled a cross from Buzsaky and Blackstock easily beat Wayne Hennessey.
Wolves hauled themselves back on level terms again with a penalty of their own in the 67th minute after Matt Jarvis had been fouled by Michael Mancienne.
Ebanks-Blake, who had scored 13 goals for Plymouth before his £1.5million January move from Plymouth, took his tally for the campaign to 20 by sending Camp the wrong way from the spot.
Camp then pulled off a stunning save to deny Karl Henry before Leigertwood struck what looked to be the decisive blow only for Keogh to deny Rangers a third successive win.
Wolves should really have been in control of the match before Buzsaky opened the scoring as they dominated the opening stages.
But a last-ditch challenge by Fitz Hall denied Keogh and Camp saved from Michael Gray before Buzsaky struck.
Wolves were the architects of their own downfall as Kevin Foley and Collins got in a terrible muddle trying to clear the ball.
All they managed to do was hand possession to Rowan Vine whose left-wing cross was rifled home by Buzsaky.
It was a goal that was generally against the run of play and Wolves were deservedly back on level terms when the impressive Gray whipped in a right-wing cross that Keogh headed home from six yards to set up a thrilling second half.