It was an excellent result for Scunthope who followed up Saturday's 3-1 win against Sheffield United with another battling performance.
Newcastle were denied by three brilliant first half saves by goalkeeper Joe Murphy as they looked to bounce back quickly from Saturday's 1-0 defeat at Nottingham Forest.
A breakthrough for the visitors almost came when Jose Enrique surged down the left and delivered a perfect cross for Nolan who was only denied his seventh goal of the season when his header produced a terrific save from Murphy.
And it was Murphy again who rescued Scunthorpe again a few moments later with another great reaction save at his near post to keep out another effort from Nolan.
Gradually, Scunthorpe began to get to grips with the game to test a Newcastle defence still missing central defenders Steven Taylor and Farbricio Coloccini through injury.
But the home side could not take their chances when they came along to snatch the lead.
Woolford twice scuffed good chances inside the box and midfield man Sam Togwell did similar after breaking free into the
area.
It was Newcastle's turn to be wasteful in front of goal when Nolan lifted a close range shot over the top after good work by Jonas Gutierrez.
Just before the interval it was only another top save by Murphy that kept out a good effort from Andy Carroll.
But it was Scunthorpe who broke the deadlock in the 52nd minute when striker Gary Hooper cut into the box from he left to set up a chance for Woolford to sweep past keeper Steve Harper.
The visitors responded by bringing on striker Marlon Harewood and dropping Nolan into a deeper midfield role.
And it paid dividends with an equaliser after 64 minutes when the visitors swept forward through the middle and Danny Guthrie set up an inviting chance on the edge of the box for Nolan which he drilled into the bottom cormer, giving Murphy no chance.
The Mapgies followed up with a period of sustained pressure which had United at full stretch defensively.
But it was Scunthorpe who dramatically snatched back the lead after 78 minutes.
It was Woolford again who kept the composure that had deserted him in the first half, forcing a close-range shot past Harper after a great header into the box by the tireless Togwell.
In the last ten minutes Newcastle desperately chased an equaliser and one eluded them when a Gutierrez cross flashed across the face of the goal, just in front of Ryan Taylor.