Shipperley's predatory close-range header after 16 minutes was enough to maintain United's 100% home record
Wolves battled back with Kenny Miller's low cross forcing David Unsworth into a vital clearance.
But Carl Cort wasted the visitors' best chance eight minutes from time when he blazed wide at the far post as United held on for victory.
Wolves manager Glenn Hoddle
"When you have only three or four players on top of their game then you are going to suffer.
"The bottom line is if you analyse it then the second half wasn't a problem but we've paid for that first-half.
"We were second best and if players aren't performing they will be out of the team. We have come here and not given ourselves a chance of winning."
Sheff Utd: Kenny, Bromby, Morgan, Kozluk, Unsworth, Jagielka, Ifill (Gillespie 60), Quinn, Montgomery, Shipperley (Pericard 90), Kabba (Webber 83).
Subs Not Used: Tonge, Geary.
Goals: Shipperley 16.
Wolverhampton: Oakes, Naylor, Lescott, Craddock, Edwards, Cameron (Davies 66), Kennedy, Seol, Olofinjana (Anderton 46), Miller (Ndah 66), Cort.
Subs Not Used: Gyepes, Postma.
Ref: R Beeby (Northamptonshire).