Below I explain how one would reconstruct a "wavefunction" from a density matrix known to come from a pure state. However, your situation is different. If $\rho$ is the density matrix of an entangled pure state of two systemsn $S$ and $S'$, then $\rho_S$ is the density matrix of a mixed state of $S$, see also this question and its answers. A mixed state does not have a unique wavefunction, so the question of whether you can reconstruct the wavefunction is meaningless. By design, if you are only interested in observables of $S$, then $\rho_S$ contains all necessary information for that - the partial trace is the reverse of the operation of "combining" quantum systems, and if you apply it to a non-entangled state of the combined system it just gives back the corresponding pure state of $S$, which obviously contains all necessary information about $S$.
You are able to construct the wave-function for a density matrix $\rho$ if you know that it comes from a pure state that has such a wavefunction. Or at least, you are able to construct the only physically meaningful content of the wavefunction:
You can compute how likely it is that the system is in a region $R\subset\mathbb{R}^n$ by computing the expectation value of the associated spectral projector $P_R$ (which acts on wavefunctions by multiplying them with the characteristic function of $R$; in non-rigorous language you may think of this as the operator that projects onto the space spanned by position eigenstates with eigenvalues in $R$), and this is what the wavefunction is - a probability density that tells you how likely it is the system is in a region $R$ by integrating the wavefunction over it. The values of the wavefunction at single points are physically irrelevant and therefore you should not expect to be able to recover them - the wavefunction is formally a representant of an equivalence class of square-integrable functions in $L^2(\mathbb{R}^n)$, not a single function whose values at individual points would carry any meaning - all that matters is what happens when you integrate it over regions of non-zero measure, and that information is recoverable from the density matrix.