Wolves ended promotion-chasing Derby's run of five successive home wins.
Derby's David Jones hit the bar before half-time and Steve Howard rattled the post after as Wolves rode their luck.
And Seyi George Olofinjana broke the deadlock after 66 minutes when he capped a counter attack with a clever finish over keeper Stephen Bywater.
Wolves keeper Matt Murray saved well from Howard's header before Michael Kightly raced clear to score in injury time from Craig Davies' pass.
Derby manager Billy Davies:
"We were poor in the first half when we seemed to forget we need to work hard in this division.
"In the second half we were better but we let the crowd down in the first
half and hopefully we will come out hurting in our next game."
Wolves manager Mick McCarthy:
"Derby were better than us and they beat us at our place earlier in the season, but now we have repaid the compliment.
"It was the best performance of the season, coupled with the right result but
I feel we could have picked up more points by now and we should be in a better
Derby: Bywater, Edworthy, Leacock, Moore, Boertien (Michael Johnson 29), Oakley (Peschisolido 85), Jones, Seth Johnson (Lupoli 73), Barnes, Howard, Stead.
Subs Not Used: Bisgaard, Malcolm.
Booked: Malcolm, Michael Johnson.
Wolverhampton: Murray, Little, Collins, Breen, McNamara, Kightly, Henry, Potter, Olofinjana, McIndoe, Clarke (Craig Davies 77).
Subs Not Used: Hennessey, Clapham, Edwards, Ricketts.
Booked: Collins, Clarke, Little.
Goals: Olofinjana 66, Kightly 90.
Ref: T Kettle (Berkshire).