Barry Douglas put Wolves on course for their seventh win in their last eight Championship games when he gave them the lead in the 15th minute before Ivan Cavaleiro doubled their advantage after 26 minutes.
Ezgjan Alioski gave Leeds a lifeline with a classy goal in the 48th minute but their comeback hopes were dashed on the hour when central defender Ronaldo Vieira was sent off after collecting his second yellow card.
Diogo Jota restored Wolves' two-goal advantage in the 72nd minute before substitute Helder Costa converted a penalty four minutes later.
Wolves made the perfect start when Douglas broke the deadlock with a stunning piece of finishing.
Leeds were undone after captain Liam Cooper gave away a free-kick on the left-hand edge of the area, having blocked off Cavaleiro.
Douglas whipped in a left-footed shot direct from the free-kick and it whistled past former Wolves goalkeeper Andy Lonergan at his near post.
The goal sparked a spell of intense Wolves pressure with Leo Bonatini inches away from doubling their advantage moments after Douglas headed a cross from Cavaleiro narrowly wide.
Leeds were struggling to contain Cavaleiro and he got his reward when he again caused chaos by cutting in from the right wing after collecting a pass from Matt Doherty.
He let fly from just outside the area and, while Lonergan got a hand on the ball, the power of the shot took it into the corner of the net.
Cavaleiro continued to dictate affairs - lofting the ball narrowly wide of the post after 33 minutes following good work by Jota.
Having been unable to find any kind of foothold in the opening half, it looked like Leeds needed something special to get into the game and Alioski came up with a piece of magic immediately after the interval.
He was picked out in the area by a sublime pass from Samuel Saiz and the Macedonian international let fly with a volley from 14 yards that gave Wolves goalkeeper John Ruddy no chance.
But Leeds saw their revival undone when Vieira was dismissed after a crude challenge on Jota.
Jota showed no ill effects from being upended as he then made the game safe when he raced on to a headed pass from Bonatini before calmly lifting the ball beyond Lonergan.
Rampant Wolves gave the scoreline an even more emphatic look when Costa struck from the spot after Lonergan had brought down Bonatini.