Goals from Paul Gallagher and Adam Reach delivered a 2-1 victory in the West Midlands, the fifth away win of the campaign moving them up to 11th place in the Championship.
Gallagher chipped PNE in front in the 17th minute, a lead Reach increased eight minutes into the second half.
Wolves substitute Jason Mason halved the arrears in the 67th minute but rarely did the home side look like pegging North End back.
Grayson, who celebrates three years in the PNE job next week, said: “It was a very good performance.
“We dominated the first half, never really allowed Wolves near our goal because of how we played.
“Throughout the first half we looked a threat going forward. In training during the week we had asked the players to work on a few things in terms of getting a few more bodies forward and running off the ball.
“You saw a fine example of that when Gally played a one-two with Joe Garner, got in and scored the first goal.
“We thoroughly deserved the first and second goals.
“When Wolves scored they put a little bit of pressure on us but from then, we looked very comfortable.
“Overall, it was a really pleasing and professional performance.”
Gallagher played a key part in the game despite the pain of a hernia which will be operated on once North End have a few more points on the board.
He lasted until the 67th minute before being replaced by John Welsh.
Grayson said: “I thought Gally was instrumental in the first half, he was the one getting on the ball playing short passes and long passes.
“He had good options in midfield with him, so it was nice for him to score the goal because he has been playing for the last few months with a groin problem which somewhere down the line which will get sorted.
“Adam Reach, playing off Garns, looked a constant threat in and around the box.
“He has been very good since he’s been at the club.”