The home side got off to the perfect start when after just 3 minutes Paul Tait and Brian Cash combined down the right and Grant Holt produced a close range finish.
On 26 minutes the same players were involved with Holt feeding Cash and the little winger producing a running cross for Tait to head home spectacularly.
Just before the break inspirational skipper Paul Ince dragged his side back into the game with a 30 yard thunderbolt and after it Wolves took control.
On 53 minutes Leon Clarke stabbed home the equaliser after Dales keeper Neil Edwards saved from Kevin Cooper.
On the hour Scotland international striker Kenny Miller was allowed to run at thre Dale defence and finished with aplomb.
The game ended as a contest on 77 minutes when Keith Andrews shot took a wicked deflection off home defender Darryl Burgess to completely wrong foot keeper Edwards.
Having looked dead and buried in the early stages tactical changes by Woves manager Dave Jones, moving Rob Edwards to centre of defence and switching wingers Shaun Newton and Kevin Miller saw his side produce a much improved performance.
The home side on the other hand took great credit in defeat from not only the quality of their goals but from the number of chances they created against a side that contained eight players who played in the Premiership last season.
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)