Simek, who is now in the US hopefully preparing for his first games for the national side, was dismissed after a challenge on Michael McIndoe just in front of Mick McCarthy's bench.
He told Footymad: "I thought the sending off was a bit harsh. I went in full-blooded and I did get him but I also got part of the ball as well. The reaction from their bench didn't help but that's football I guess."
Wednesday played well throughout and were looking like worthy winners after Steve MacLean's early second-half goal but Wolves scored in the last minute against the ten-man Owls.
"Without a doubt it feels like a defeat," Simek said. "With us been 2-1 up, getting sent off I feel I cost our team two points which is disappointing but I really think we should have won that game for sure.
"But they are in the play-offs and we have to take it as a statement about how far we have come. They are going to be in the play-offs at the end of the season most probably and we matched them because we were the better team thorough the whole game."