The Republic of Ireland international striker was in inspired form on his return as his two goals helped Preston secure their first away win since November.
His first cancelled out Sylvan Ebanks-Blake's opener and Sean St Ledger then fired Preston into the lead before Elliott's 61st minute strike - his fifth of the season - sealed their win.
Wolves, who hit the bar through Chris Iwelumo after 67 minutes, knew it was not going to be their day when referee Colin Webster awarded them a 74th minute penalty for a handball by Jon Parkin only to change his mind after consulting with his assistant Steven Rushton.
The initial decision infuriated Preston boss Alan Irvine who was sent to the stands for his protests.
But that couldn't diminish his pleasure from a win that has strengthened Preston's play-off push.
The mood in the Wolves camp was in sharp contrast as they have now hit a worrying slump - picking up just two draws from their last three games - their worst run of the season.
They have now seen second-placed Reading reduce their lead to just four points.
After a distinctly pedestrian opening, the game exploded into life with two goals in the space of four minutes.
Ebanks-Blake's 20th minute opener was a nightmare for the Preston goalkeeper Andy Lonergan.
His mis-hit clearance flew straight to Ebanks-Blake and the former Plymouth marksman rolled his shot into the bottom corner of the net from the edge of the area to take his tally for the campaign to 16.
To their credit, Preston were not fazed by falling behind and they were deservedly soon back on level terms.
Elliott gave a sign of what was to come when he forced a fantastic one-handed save from Carl Ikeme.
Wolves failed to heed that warning and 60 seconds later there was nothing Ikeme could do when Elliott nipped in at the near post to steer home a Ross Wallace cross.
Elliott was having a field day and fired just wide before Preston's continuing pressure paid off again in the 41st minute.
Wolves could not deal with a corner from skipper Paul McKenna and Parkin steered an initial effort on to the bar.
The rebound fell kindly to St Ledger who pounced at the far post for his fourth goal of the season.
Parkin, who had a 49th minute effort disallowed for offside, should have put the game beyond Wolves when he lifted the ball over the bar from just six yards.
But fortunately for Preston, Elliott was more clinical as he pounced from close range in the 61st minute to convert a centre from Chris Sedgwick after Ikeme had flapped at a cross from Wallace.