Ward took advantage of a stray back-pass from David Wright to round Lewis Price and calmly stroke home from a tight angle on 33 minutes and that proved enough as Town failed to score for a fifth successive game.
The hosts are being pushed ever closer to the relegation trapdoor, and the complete lack of confidence shown by a number of the Ipswich players will be of grave concern to manager Jim Magilton.
Wolves by contrast are flying with this victory being their eighth away success of the campaign, thanks to Ward's third goal in four games, and they look a good bet for a top-six berth.
Ipswich began brightly with Jonathan Walters flicking on to strike partner Alan Lee whose 20-yard volley forced a decent save from Matt Murray.
The pair combined again on 12 minutes with Lee this time flicking on to Walters who found Matt Richards and he tried his luck from 30 yards but Murray saved with ease.
Little had been seen of Wolves as an attacking force, but they nearly scored on 15 minutes when Michael McIndoe's angled drive took a nick off Alex Bruce and Price adjusted well to parry to safety.
Murray back-pedalled to hold a looping Lee header from a Jaime Peters cross as the hosts continued to do most of the pressing, and the forward was involved again with a nod down for Peters to volley goalwards but Murray saved one-handed.
What proved to be the only goal of the game came 12 minutes before the break when Wright casually played the ball back with the outside of his boot and the alert Ward pounced to take advantage in fine style.
Ipswich tried to get back into it straight away with Walters crossing for Lee to head goalwards, but he was falling backwards at the moment of contact and Murray palmed the ball behind quite comfortably.
Gary Roberts had a good chance when the Wolves defence could only clear a Richards cross to the edge of the box, but his left-foot volley flashed over.
The Wolves defensive wall deflected a Roberts free-kick over the bar before the visitors came close twice before the break to extending their lead.
First, Price went down to gather a Ward 25-yarder and then the goalscorer got a flicked header in on goal from a Michael Kightly cross, but Price was in the right place to gather.
The second half began quietly, but it was Wolves who were first to threaten on 58 minutes when a quick breakaway ended with Ward chipping a pass to Kightly whose volley drew a good diving save out of Price.
From the restart, Ipswich carved out a good chance at the other end with Peters finding Walters who clipped into the middle where Richards skied over from around the penalty spot.
Only a fine Jason De Vos block denied Darren Potter a goal as Wolves caught Town on the break again before Roberts skied hopelessly over from a Lee knockdown of Dan Harding's cross.
Wolves had the ball in the net again on 65 minutes when Andy Keogh's drilled cross was volleyed into his own net by Bruce, but the flag was already up for offside against Keogh.
Lee shot over after Peters cleverly dummied a Walters cross and then Ipswich made a double change, with leading scorer Lee and Roberts replaced by Danny Haynes and Owen Garvan respectively.
Immediately, Garvan was in the action with a 25-yard low drive which Murray claimed without too much fuss, but he was fully extended on 75 minutes, leaping to his right to parry away a fierce 20-yard Walters volley.
A minute later and once again Wolves caught Ipswich on the break, with this attack ending with Keogh's 20-yard volley forcing a good diving save out of Welsh international Price.
Ipswich knew it wasn't their night once again on 79 minutes when Garvan got his head to a Richards corner and looped his header flush onto the bar, with Sylvain Legwinski missing his kick as the ball ran loose.
Wolves could have sealed it on 81 minutes when an offside-looking Keogh was allowed to run free down the wing and cross towards McIndoe, but Wright did well to shield the ball away from a couple of yards from goal.
Ipswich had one more chance to claim a deserved point in the time that remained when Walters got his head onto a Peters chip into the centre, but his header drifted narrowly wide and Wolves head on for another vital three points in their promotion challenge.