Ipswich maintained their 100% home record with a comfortable victory.
Freddy Eastwood should have put Wolves ahead in the fifth minute, when Neil Alexander brought down Michael Kightly but the goalkeeper saved the penalty.
Alan Lee controlled Owen Garvan's pass and curled the ball into the top corner to make it 1-0 just before the break.
Garvan saw a shot tipped round the post before Pablo Counago slotted in number two and Danny Haynes fired home in time added on after a pass from Dan Harding.
Ipswich boss Jim Magilton:
"After a jittery opening, to a man, including those who came on, we were terrific. I'm proud of them.
"Wolves started high on confidence. We took inspiration from Neil Alexander's penalty save and after that we worked very hard against a very good side.
"It was probably the best result in our run of 10 successive home wins."
Wolves manager Mick McCarthy:
"We started very well and were far and away the better side and won a penalty. Certainly the fact that we didn't score had a big effect on the game.
"Ipswich took their chances and Alan Lee stayed on his feet and did what a good striker does.
"Their front two caused more trouble than our front two, which was why I withdrew Freddy Eastwood."
Ipswich: Alexander, Wright, Wilnis, De Vos, Harding, Walters, Garvan, Legwinski, Clarke (Roberts 70), Lee (Haynes 81), Counago (Bruce 88).
Subs Not Used: Supple, Trotter.
Goals: Lee 42, Counago 52, Haynes 90.
Wolverhampton: Hennessey, Foley, Darren Ward, Craddock (Little 46), Neill Collins, Kightly (Keogh 74), Olofinjana, Henry, Stephen Ward, Eastwood (Jarvis 46), Bothroyd.
Subs Not Used: Stack, Potter.
Ref: Keith Woolmer (Northamptonshire).