The hosts led 2-0 before Jimenez was shown a second yellow card on 53 minutes after tangling with Illan Meslier, who was forced off the pitch by the late tackle.
Coady felt the decision was harsh and claimed it was a "fair challenge". Meslier was the fourth Leeds player substituted through injury at Molineux with Patrick Bamford, Diego Llorente and Mateusz Klich withdrawn during the first half. Klich was concussed, which allowed the visitors to make the extra substitute.
Leeds took advantage of the extra man as they scored three goals in the final half hour, with Luke Ayling firing home a dramatic winner in stoppage time.
Goals from Jack Harrison and Rodrigo had hauled Leeds level in a thrilling contest that moved them seven points clear of the bottom three.
"It's a game we should win. We should still stay in the game but it is not a red card," Coady told Sky Sports.
"I could go mad and kick off but for me it's not red. It's a fair challenge there was nowhere else it could go. These decisions are killing teams.
"I thought from the first minute he threw out yellows early on and I thought he lost the game. We don't feel like we were fairly treated.
"We look at ourselves first and foremost because we can defend better. But other people have to look at themselves as well. It's a massive factor in what has happened."
Referee Kevin Friend could have reduced the hosts to nine men when João Moutinho caught Stuart Dallas with a reckless follow through soon after Jimenez had been sent off. The Northern Irishman was still on the floor when Rodrigo scored Leeds' equaliser.
VAR looked at the challenge but did not recommend any further action.
On the decision to dismiss Jimenez, a frustrated Coady continued: “I don’t know where he’s meant to go – he’s not invisible, he can’t go through the keeper. I don’t know where he’s meant to go or what he’s meant to do.
“For me this is happening every single game for one team or another – it’s happening to different teams – where these sort of decisions are happening and killing teams, and that’s what it has done for us.
“We still created the odd chance on the counter-attack but the red card plays a massive part in it [the result] – if somebody tells me it doesn’t, they are lying.
“It was a fantastic game of football and, again we are talking about referees and it should never be the case in this league."