The Algerian midfielder, who has been on loan at Molineux from the Belgian club RSC Charleroi since January, picked up a pass from Ronald Zubar on the edge of the area and beat Craig Gordon with a low drive in the 78th minute.
The strike earned Wolves their first win in seven games - but it came the hard way as Kenwyne Jones had given Sunderland the lead with his ninth goal of the season after just eight minutes.
Wolves responded swiftly when Kevin Doyle drew them level from the penalty spot before Guedioura set the seal on their comeback.
Sunderland, who have collected their best points tally in the Premier League since 2001, had a frustrating game summed up in the final eight minutes when they had Michael Turner and substitute Jack Colback sent off.
Turner was dismissed after collecting his second yellow card for hauling down Matt Jarvis in the 82nd minute before Colback followed him off in stoppage time after his clumsy challenge on Zubar earned him another caution.
Sunderland had arrived at Wolves with the chance of a top-half finish in their sights. But they have only won twice away from home this season and never really looked like improving on that dismal return despite starting the game with Darren Bent, Jones and Fraizer Campbell in a potent looking attack.
Sunderland really needed to have taken advantage of their early pressure when Bent was denied after just two minutes by Marcus Hahnemann.
Hahnemann also looked to have Jones' shot from the edge of the area covered only for it to leave him flat-footed and float into the net when it took a deflection off Jody Craddock.
If Wolves felt aggrieved by the nature of the goal, they didn't have long to wait to draw level. Just 120 seconds later, referee Lee Mason pointed to the spot after ruling that Sunderland right-back Alan Hutton had fouled Jarvis and Doyle strode forward to confidently convert the penalty.
While Wolves' response to falling behind was swift, Sunderland were equally determined to quickly regain the lead and only the woodwork prevented them doing that when Steed Malbranque slammed his volley against the post four minutes later.
It was a lucky break that Wolves were to capitalise on later through Guedioura and the margin of their victory would have been greater had substitute Chris Iwelumo then not headed over the bar from four yards out and Christophe Berra was denied by a stunning save from Gordon.