Strike pairing Alan Lee and Pablo Counago scored in a ten-minute spell either side of half-time and substitute Danny Haynes sealed the points with a third in stoppage time.
Wolves looked to have made the best possible start when Fabian Wilnis left a back-pass to goalkeeper Neil Alexander short, Michael Kightly nipped in and Alexander clipped him to concede a spot-kick.
However, Eastwood's stuttering run-up didn't fool the home keeper, who made his second penalty save of the week by diving to his right to beat away the Wales international's poor effort.
Still Wolves continued to pour forward, but Ipswich steadily worked their way into the game and Sylvain Legwinski was only narrowly off target with a glancing header from an Owen Garvan cross.
Wayne Hennessey fielded a couple of tame Counago shots before being beaten on 42 minutes when Garvan's through ball played in Lee who held off Jody Craddock's challenge before curling the ball beyond the keeper with the outside of his boot.
Alexander gathered a Karl Henry shot at the second attempt and made a better save from a Jay Bothroyd piledriver, palming the strike up in the air and then grabbing it right on the line as Eastwood closed in.
Wolves sent on Mark Little and Matthew Jarvis for Craddock and Eastwood respectively at the break, but it was the hosts who started the period the stronger.
Garvan and Lee went close for Town, before, on 52 minutes, a quick Jon Walters throw was collected by Counago and the Spaniard tricked his way beyond Darren Ward before slamming past Hennessey.
Wolves tried to rally and Bothroyd had the ball in the net from a Seyi Olofinjana cross but was well offside, before Town almost added a third when Counago slid in to meet Billy Clarke's cross but fired wide.
After that, Town held on pretty comfortably, and looked far more likely to score again themselves with Legwinski's volley clipping the bar from 20 yards before Haynes sealed it with a clever breakaway goal in stoppage time.
Ipswich's run of home successes is now the joint second best in their history, with only the 15 home wins in a row by Sir Bobby Robson's 1980-81 side now above the current team's achievement.