Bellamy scored the second goal and tormented Wolves throughout with his threatening runs and tireless work as the Reds climbed to fifth place in the Barclays Premier League.
It completed a memorable seven days for Liverpool after their Carling Cup and FA Cup wins over the two Manchester clubs.
Andy Carroll's first league goal for three months set Liverpool on the way to victory before Dirk Kuyt wrapped up the scoring.
Dalglish said: "I thought it was a very professional, high quality performance from the players, a fantastic reaction to the previous two games.
"This game became the most important one because it was the next one. They applied themselves well and got what they deserved. I'm delighted with everyone who played.
"It was great for Andy to score a goal. Craig scored a fantastic goal as did Dirk.
"Craig was fantastic. The wee man certainly has been fantastic for us. I wish his numbers were the other way around.
"Instead of being 32, I wish he was 23. He doesn't do anything that surprises you. He prepares himself well for matches.
"He does things for himself within the framework of the team. You expect something to happen."
Dalglish added: "I think the boys deserve great credit for how respectful they were to Wolves.
"Even when they were 3-0 up, they didn't try to belittle them with a couple of flicks here and a couple of flicks there. They got on with the job and deserve a lot of credit for that.
"When it was 3-0, everyone kept working, closing them down and making it difficult for them."
Wolves boss Mick McCarthy branded his side's second half performance as "unacceptable" and understands the fans negative reaction at the final whistle.
It has put McCarthy under further pressure for his future at Molineux and second from bottom Wolves have taken only 11 points from the last 20 games.
McCarthy said: "In the first half, I didn't see the second half coming, that's for sure. Up until they scored, I thought we were making a decent fist of it.
"They score from our corner, which should have been organised better, and defended poorly from it. For the second goal, I was trying to make substitutions and we conceded a really poor goal.
"After that it's my fault, it looks like people are not trying but it's the shape of the team.
"I had to put strikers on. I had to try and get a goal back. Playing 4-4-2 against them was not the thing to do."
As for the fans' reaction, McCarthy said: "I fully understand that. Watching that second half was unacceptable, for me or anybody else.
"For the last home game, there were huge rumours going that I wasn't going to be here the day after so I can't imagine there'll be any less tonight.
"All I would say is the lads aren't perfect, they're hurting as well. None of them have not gone out there and tried."