Mick McCarthy rued Wolves not taking their chances after West Brom inflicted a fifth successive league defeat on his side.
The Baggies won the Black Country derby at the Hawthorns 2-0 with goals in either half from Chris Brunt and substitute Peter Odemwingie.
Wolves created their own chances, notably Kevin Doyle having a shot blocked near the line by Jonas Olsson in the first half, while Roger Johnson also headed wide from close range to spurn a great opportunity to equalise.
McCarthy told Sky Sports: "In both boxes they were better than us. They had a good block when we were one-nil down and they took their chances.
"Their second goal I think is a great goal in terms of his finish but we could have dealt with it before that.
"But I think in the game we've matched them except for putting the ball in the net which is the whole important thing of course.
"Spirit, endeavour, effort is always there but we need to be better in the opposition box and score when we get the chance."