The visitors dominated the first half and could have been further ahead than by just Sylvan Ebanks-Blake's 22nd minute header.
Ipswich played far better after the break and came close to an equaliser before Alex Bruce was sent off after 77 minutes.
Within a minute, Wolves made their numerical advantage count when Richard Wright spilled a Matthew Jarvis shot and sub David Edwards fired in the loose ball.
Wolves had controlled the opening period, with Ebanks-Blake and Chris Iwelumo a constant menace to the home back four with both going close on several occasions.
Wright saved well from Iwelumo and Jarvis either side of Ebanks-Blake's goal which came from a pinpoint Jarvis left-wing cross.
By contrast, Ipswich failed to trouble Wayne Hennessey at all in the first half with their best effort a Jon Walters volley which landed on the roof of the net.
Half-time sub Pablo Counago transformed Town and they battered Wolves for the next 15 minutes.
Hennessey denied Counago twice, Walters once and then Danny Haynes wasted a good chance when he blazed over from Kevin Lisbie's pass.
A lengthy break after Wolves defender George Elokobi was injured seemed to halt Town's momentum and they were never the same threat again.
Edwards nodded a David Jones free-kick against the post before Town lost Bruce when referee Steve Tanner deemed his lunge for the ball was a two-footed tackle.
When Edwards netted seconds later, the points were safe and he could have added more goals as Wright made two good steps to deny him and ma-of-the-match Jarvis shot against the post.
Their best chance though came on the hour when Hennessey's misjudged punch dropped to Tommy Miller, but his shot was scrambled clear off the line by Richard Stearman.