Goals from Nouha Dicko and an own goal from Lee Grant see the Molineux side rise to 7th in the table with only goal difference separating them from the playoff places.
Kenny Jackett's side are in a hot streak of form, having only lost once in their last eight outings, taking 17 points from a possible 24 since losing to fellow promotion hopefuls Norwich City on Valentine's Day.
Winger Bakary Sako has been instrumental in this run of games and the rescinding of the red card he received against Watford ensured that Wolves didn't lose out after referee Brendan Malone wrongly sent off the Malian.
With tough games coming up against Forest, Middlesbrough and local rivals Birmingham City away from home Wolves are going to have to be at their best to maintain their push for a promotion place but momentum is on their side currently and morale is high.
Kenny Jackett admitted after the game that good results during the Easter programme was going to be crucial to Wolves' chances but that Wolves had goals in them and they felt that they could do it.
Derby boss Steve McClaren felt that his side were hard done by after Danny Batth fouled Darren Bent but escaped receiving a card from the ref when McClaren felt the Wolves skipper should have walked. However, a run of six games without a win have severely dented the Rams' promotion chances and they will know that they have to get a result against Watford after the international break to get their chase back on track.