The 33-year-old Scot volleyed home with eight minutes left after Vio Ganea had hit the post and bar.
Alexandre Frutos marked a rare start by opening the scoring for the Seagulls, the Frenchman wrapping up a fine move five minutes before half-time.
Just before Frutos's goal, Wolves goal keeper Stefan Postma brilliantly tipped over Colin Kazim-Richards' shot from the edge of the area.
Wolves manager Glenn Hoddle:
"We controlled many areas of the game. We've not won in the last six matches and that's disappointing.
"But I'm sure we're not far away from winning a lot of matches. The way we played was frustrating and the problem is that we haven't killed off sides.
"It's an inconsistent league, we need four or five wins in succession and I know we are very close to it."
Brighton: Henderson, Hart, McShane, Butters, Reid, Carole, Nicolas, Frutos (El-Abd 76), Hammond, Knight (Robinson 77), Kazim-Richards.
Subs Not Used: Dodd, Turienzo, Blayney.
Goals: Frutos 40.
Wolverhampton: Postma, Naylor, Lescott, Craddock, Olofinjana (Seol 66), Kennedy, Edwards, Anderton (Cameron 45), Huddlestone, Ganea, Clarke.
Subs Not Used: Ross, Murray, Gobern.
Booked: Clarke, Huddlestone.
Goals: Cameron 82.
Ref: B Curson (Leicestershire).