Both teams were unchanged, Eirik Bakke passing a late fitness test and heading just over the Wolves bar from 12-yards after only three minutes.
Leeds went near again when Alan Smith launched himself into a flying header which veered just wide of the far post.
Leeds' early zest was rewarded with a 14th minute goal for Smith, his first since November 8th.
Jermaine Pennant sent over a high cross from the right, Steve Caldwell, making his home debut, nodded the ball down and after Mark Viduka poked it goalwards Smith got the final touch on the line.
However, the lead lasted just seven minutes. Former Newcastle striker Carl Cort chested the ball down for Romanian Ioan Ganea who was as surprised as everyone else to see his speculative right-foot shot from 25-yards beat Paul Robinson to his right.
Viduka continued to lead the Leeds line with skill, power and energy and he linked up well with Bakke and Pennant, but Smith couldn't make contact with Pennant's swift cross.
Leeds regained the lead in the 41st minute. Didier Domi's free-kick was headed goalwards by Smith. Paul Jones punched as far as Dominic Matteo and the Leeds captain's low drive through a crowded goalmouth hit Mark Kennedy on its way into the net.
It was the first time Leeds had scored twice in a match since December 14th against Fulham when Matteo was also on the mark.
Bakke, who almost put through his own goal in trying to clear a corner, was booked just before the interval for shirt-pulling.
Leeds began the second half with Ian Harte on in place of the injured left-back Didier Domi. Smith and Viduka were always a threat and when Robinson picked out Smith with a long clearance he flicked on for Viduka to lob just over the Wolves bar.
Urged on by the crowd, Leeds had their tails up and they scored a third on the hour. From a throw-in on the right, Smith made a neat turn on the corner of the penalty box and his shot-come-cross found the far post where the magnificent James Milner stroked in his second goal of the season.
Smith should have made it four when put through by Milner, but he took the ball too far and the acute angle beat him.
Former Leeds star Denis Irwin was booked as Wolves' problems continued but Leeds' claims to a penalty were rejected when Smith fell to Paul Butler's challenge.
This was Leeds' best performance for a long time and when Milner darted down the right, Viduka headed the winger's cross against the bar and Pennant blazed over from the rebound when he should have scored.
Leeds continued to create and spurn chances, Viduka amazingly heading over from eight-yards when unmarked after linking up cleverly with Bakke and Milner.
Another goal seemed inevitable and it arrived in injury time, Viduka forcing his way through the penalty area on a solo run before drilling the ball into the far corner of the net to gain reward for a superb performance.
Just like the good old days!