Welsh international midfielder Johnson capped a determined second-half display from Albion who would have fallen seven points behind Bolton if they had lost the match.
Albion gifted Bolton the decisive breakthrough when they surrendered possession on the edge of the Trotters penalty area.
A pass from Albion wing-back Adam Chambers was intended for Jason Koumas but the Welsh international midfielder was bundled off the ball by Bolton's Ricardo Gardner.
Albion allowed the Jamaican international to run the whole length of the field before he fed the ball to Youri Djorkaeff.
The Frenchman curled in a low shot from the edge of the area that Hoult looked set to comfortably collect at his near post.
However, Hoult committed the cardinal sin of failing to hold the ball and his mistake allowed Pedersen the simple chance to score from just two yards.
Albion strived to force their way back on to level terms, with Jason Roberts and Neil Clement both going close before they were presented with a golden opportunity in first-half injury time.
Bolton goalkeeper Jussi Jaaskelainen raced out of his goal to try and clear the ball only to lose control and foul Albion striker Danny Dichio in the process.
With Jaaskelainen still out of position, a quickly played free-kick from Derek McInnes picked out Ronnie Wallwork who saw his shot cleared off the line by the well-placed Ivan Campo.
Bolton rode their luck again five minutes into the second half when Roberts' poor finishing let him down.
Roberts was picked out by a cross from Dichio and was left with only Jaaskelainen to beat from six yards but fired his shot straight into the hands of the Finnish keeper.
When Albion did find a way past Jaaskelainen they found themselves frustrated by the woodwork as Sean Gregan's hopeful 20-yard drive in the 61st minute crashed off the foot of the post and ran along the line before rolling to safety.
Jaaskelainen then looked to have ended Albion's hopes of salvaging a point from the match when a smart one-handed save from substitute Lee Hughes four minutes from time.
But a last-gasp spell of pressure paid dividends when Koumas lifted the ball into the area, Hughes flicked it on and Johnson forced a shot past Jaaskelainen form six yards.