The home side were already behind to a Jonny Evans goal when Ronald Zubar was sent off for his second bookable offence in the space of 12 minutes, and United took full advantage through Antonio Valencia and Danny Welbeck before the break.
Javier Hernandez scored twice in the second half to complete the rout which leaves United four points clear of Manchester City at the top of the table and Wolves bottom on goal difference.
"It was a great result for us, Thursday [against Athletic Bilbao] was a disappointing night for us all," Rooney told Sky Sports 1.
"We knew it was important we bounced back and bounced back well. Over the last few years coming here has been a difficult game, so to come away with three points so convincingly is a great day for us.
"The most important goal away from home is the first one to quiet the home fans down and then they had a man sent off and we took advantage of that, got a goal quickly after that and from there the game was dead really."
Rooney was named man of the match despite not finding the net myself and added: "You always want to score but we scored five as a team and I'm delighted for Danny and Chicharito to get on the scoresheet.
"We knew it was an opportunity today to score goals and we came in at half-time and spoke about pushing on and scoring more goals and got an extra two in the second half.
"In the Premier League we are playing very well and getting the results we need, so I am sure if we can keep doing that it will be a good season for us."
United manager Sir Alex Ferguson was not about to get carried away with his side's performance, telling Sky Sports 1: "It was okay, I don't think it was anything special. I think we've taken our goals well.
"The finish from Valencia was fantastic. Antonio is back in the team and his form was fantastic today. He's made one for Danny Welbeck before half-time that killed the match.
"It's difficult for them with 10 men, they were honest and kept plugging away but the 3-0 advantage was too much for them."
Asked about the title race, Ferguson added: "Hopefully we achieve what we want to achieve. What's significant today is it's reduced the goal difference by five goals and that's down to three now and it may make a difference at the end of the season.
"I expect it to go to the wire."