Sunderland moved to within a point of Championship leaders Derby County after stretching their unbeaten run to 15 matches.
But the Black Cats, after storming into a two-goal lead through Daryl Murphy and Ross Wallace, were made to fight all the way after Wolves reduced the deficit through Andy Keogh to set up a grandstand finish.
Carlos Edwards took no time in proving he had recovered from the shoulder injury that had kept him out for a month by constantly taunting the Wolves defence with pace and clever ball control.
But it was from the other flank that the Black Cats surged ahead after 15 minutes.
Wallace cut inside to find Murphy who flicked the ball over his shoulder to outwit Neil Collins before driving a shot across Matt Murray.
Stern John should have increased the lead in the 22nd minute only to shoot straight at Murray and from the rebound Danny Simpson was at full stretch when failing to hit the target.
Darren Ward saved well from Michael McIndoe in a rare Wolves attack, while at the other end Murray kept out 25-yard drives from Wallace and Edwards.
The woodwork came to the rescue of the visitors on the stroke of half-time. Whitehead worked his way to the byline and from his centre, John's back-heel flick struck the inside of the post and a grateful Murray pounced on the loose ball inches from the line.
Sunderland increased the tempo to the delight of the biggest crowd in the Championship this season to surge further ahead in the 63rd minute as Murphy turned provider for Wallace to head home.
Wolves took just two minutes to force their way back into it with McIndoe crossing for Keogh to stoop and head past Ward.
Wolves lost Murray through injury after a challenge by John, but substitute goalkeeper Jan Budtz made superb saves from substitutes Grant Leadbitter and Stephen Elliott.
Wolves piled on the pressure but Sunderland held firm and move menacingly into an automatic promotion place.