Derby came closest to scoring in a dull first half when Marcus Tudgay headed a Seth Johnson corner against the bar.
But substitute George Ndah nodded Wolves ahead and ex-Derby star Tom Huddlestone met a Vio Ganea backheel for his first senior goal soon after.
Ganea rounded off a comprehensive win late on by beating two defenders and driving a shot past Lee Camp.
Wolves boss Glenn Hoddle:
"It was a fabulous win. It was a great performance by the boys - and we have been threatening to do it for some time.
"They were clinical. They listened to what we had to say at half time and then did exactly what we asked for.
"I was absolutely delighted to see George Ndah score because he has come back from a lot of injury problems."
Derby: Camp, Richard Jackson, Davies, Michael Johnson (Thome 56), Whittingham, Bisgaard, Idiakez, Seth Johnson, Smith, Blackstock, Tudgay (Peschisolido 72).
Subs Not Used: Poole, Bolder, Johnnie Jackson.
Wolverhampton: Postma, Edwards, Lescott, Craddock, Naylor, Cameron, Huddlestone, Kennedy, Seol, Ganea, Clarke (Ndah 55).
Subs Not Used: Oakes, Olofinjana, Anderton, Gyepes.
Goals: Ndah 67, Huddlestone 80, Ganea 86.
Ref: T Leake (Lancashire).