The plan helped to contribute to the Treaty of Versailles because 4 of the original points were later recognized in the plan itself. However it was generally speaking -- a failure in that the treaty was rejected by the US Senate. Specifically, Wilson had 14 points he publicly announced.
1) Open covenants of peace, openly arrived at, after which there shall be no private international understandings of any kind but diplomacy shall proceed always frankly and in the public view.
This didn't happen. It went against about 10,000 year of diplomatic history. The British and French went right along making private understandings even as the conference was going on.
2) Absolute freedom of navigation upon the seas, outside territorial waters, alike in peace and in war, except as the seas may be closed in whole or in part by international action for the enforcement of international covenants.
This didn't go over big either. Naval power was the Britain's thing. Their ability to cut an enemy off from the sea was key to their military strategy.
3) The removal, so far as possible, of all economic barriers and the establishment of equality of trade conditions among all the nations consenting to the peace and associating themselves for its maintenance.
Basically free trade. America was the most biggest and most powerful export economy in the world. In any free trade situation of the time, specially after the hit European economies took during the war, America would dominate Britain, France, and others saw this as a plot to turn them into economic dependencies of the US.
4) Adequate guarantees given and taken that national armaments will be reduced to the lowest point consistent with domestic safety.
Basically, nations would reduce their armies to bare minimum. Again, this went against British and French interests. They empires to maintain. It was all well and good for America. We have two giant oceans on...