Newcastle United's win against West Ham United meant Sheffield United had to avoid defeat to prevent its fate from a miserable season being sealed.
Wolves have also taken a step back this season after losing Raul Jimenez for most of the campaign with a fractured skull.
January signing Willian Jose has struggled to replace the Mexico forward, but finally got his first Wolves goal by sweeping home Adama Traore's cross on the hour mark.
Victory takes Nuno Espirito Santo's men beyond the 40-point mark and up to 12th as they are now safe from the drop.
By contrast, Sheffield United now faces a rebuild in the EFL Championship, with the club in crisis on and off the field.
United announced on Sunday (AEST) that Saudi Arabian chairman Prince Musaad Bin Khalid Al Saud had resigned for personal reasons.
Last month, Chris Wilder left as manager after five years in the job, during which he guided the Blades from EFL League One to the top-flight.