Colin Cameron opened the scoring with a thumping shot in off the underside of the bar then set up Carl Cort to double the lead from close range.
Ian Westlake and Shefki Kuqi both rattled the woodwork for Ipswich but they could not find the net.
Kelvin Davis had to be at his best to deny Wolves striker Ki-Hyeon Seol from point-blank range in the final minutes.
Ipswich boss Joe Royle:
"We just didn't start. In some ways we were fortunate it was only two at half-time although we could have had a couple ourselves.
"We came here looking for a nice game and they weren't going to give us a nice game. They were in our faces.
"We were better after the break but not a big threat. Sunderland boss Mick McCarthy has a big smile on his face."
Wolverhampton: Oakes, Edwards, Craddock, Lescott, Naylor, Seol, Ince, Olofinjana, Cameron, Miller, Cort (Clarke 45).
Subs Not Used: Kennedy, Ricketts, Cooper, Bischoff.
Goals: Cameron 5, Cort 22.
Ipswich: Davis, Naylor, De Vos, Unsworth, Wilnis, Miller, Magilton, Westlake (Counago 75), Richards (Currie 45), Kuqi (Scowcroft 45), Bent.
Subs Not Used: Horlock, Price.
Ref: S Dunn (Gloucestershire).