Wolves striker Nouha Dicko, who was on loan with the Millers earlier in the season, and Rotherham's Kieran Agard both scored hat-tricks in a game that saw five goals scored in the final 10 minutes of the match.
Jackett's team had been cruising 3-1 ahead at half-time before Rotherham launched a stunning fight-back.
Agard had initially stunned Wolves when his 14th-minute header from Michael O'Connor's corner drifted past goalkeeper Karl Ikeme and inside his near post.
But the visitors' advantage proved to be short-lived when Dicko, who had scored six goals in six games for Rotherham from Wigan before joining Wolves for £300,000 in January, nipped in at the near post seven minutes later to stab home a cross from Bakary Sako.
Anything that the Rotherham defenders had learned about Dicko while training with him seemed to have disappeared as he then helped himself to his second in the 34th minute when he latched on to a cross field ball from Sam Ricketts and beat keeper Adam Collin from 10 yards.
Wolves simply had too much firepower at this stage for shell-shocked Rotherham - a point they hammered home again in the 38th minute when Scott Golbourne picked out Dave Edwards who scored for the third successive game with a well-placed low shot.
Wolves looked as though they thought the game had been won at that stage and paid the price when Rotherham built up a head of steam at the start of the second-half and Agard capitalised with a neat shot on the turn in the 61st minute.
Dicko then looked to have finally ended Rotherham's resistance 10 minutes from time when he made no mistake from a right-wing cross by Edwards.
But the Millers kept battling right to the end and gave Wolves more anxious moments when James Tavernier's cross was volleyed home in the 84th minute by Joe Skarz.
Agard's third goal in the 88th minute appeared to have earned Rotherham a dramatic point.
But skipper Ricketts let fly from 20 yards in the final minute before Kevin McDonald completed the scoring from close range in stoppage time.