Grant Holt beat Jody Craddock to a Paul Tait cross early on and Tait flicked a header home from a Brian Cash cross to put the home side 2-0 up.
But Paul Ince's instinctive left-foot shot gave Wolves hope before the break.
They took control after half-time with Leon Clarke pouncing to equalise, Kenny Miller scoring a fine solo effort and Keith Andrews adding a deflected shot.
Rochdale manager Steve Parkin:
"It doesn't get much better. Some of our forward play in the first-half was as good as it gets.
"Paul Ince's goal took the edge off before half-time and in the second-half I never thought we got far enough up the pitch. They broke too quickly.
"But we played very well, scored a couple of good goals and we could even have had a couple more."
Rochdale: Edwards, Evans, Heald, Burgess, Gallimore, Cash,
Clarke, Jones, Probets, Holt, Tait. Subs: Gilks, Townson,
McGivern, Goodall, McCourt.
Wolverhampton: Oakes, Lowe, Edwards, Craddock, Clyde, Newton,
Ince, Andrews, Cooper, Miller, Clarke. Subs: Olofinjana,
Lescott, Cameron, Jones, Mulligan.
Referee: P Robinson (E Yorkshire)