Although City stayed sixth in the standings they moved level on points with Aston Villa and gave Mancini a perfect first Christmas as the new manager with a second win in three days following Saturday's 2-0 win over Stoke City.
"It was a fantastic performance," said Mancini, who took over from Mark Hughes on December 19 and guided City to their first away win for four months.
"To play like that just two days after beating Stoke makes me very happy because we played very well. We suffered a bit during the game but I am very happy for the players.
"In Italy it is impossible to play two games in three days, but this is England and this was a fantastic performance," he told Sky Sports.
Wales forward Craig Bellamy, who has been linked with a move away from the club following the controversial departure of Hughes, gave an inspired performance as two goals from Carlos Tevez and one from Javier Garrido gave City their third successive league win.
Bellamy also played down talk of leaving the club when he told Sky Sports: "On a personal level I have a lot of affection for Mark Hughes but its the nature of the business and you have to carry on.
"We are definitely a club that is going places and I want to be a part of it as long as I can."
Wolves slipped back to 16th place after a second successive defeat but Mancini said: "We had to work very hard to beat them, they made it very difficult for us at the start."
