North End, already guaranteed a play-off spot before kick off, took the lead in the 41st minute when Neal's strike deflected in off Joleon Lescott.
Rob Edwards had Wolves' best effort saved, while Ormerod sustained a head injury when he scored to mar the win.
Wolves manager Glenn Hoddle:
"The first goal was a poor goal. It was a wicked deflection and there was no way the ball would have gone in the net.
"It changed the momentum and turned the game upside down for us.
"You're always disappointed when you've lost. That's the sort of luck we've had at the moment. We weren't at our very best but the first goal changed it."
Preston: Nash, Mears, Davis, Wilson, Alexander, Whaley, Jarrett, McKenna, Lewis Neal (Sedgwick 70), Agyemang (Dichio 65), Ormerod (Hill 76).
Subs Not Used: Hibbert, Stock.
Goals: Lewis Neal 42, Ormerod 71.
Wolverhampton: Postma, Lowe, Lescott, Edwards, Ross, Ricketts (Cort 63), Miller (Seol 90), Cameron (Davies 86), Kennedy, Frankowski, Aliadiere.
Subs Not Used: Oakes, Little.
Ref: K Friend (Leicestershire).