A superb 72nd-minute strike from David Nugent secured a fifth consecutive league win for the Foxes after Bakary Sako had cancelled out Anthony Knockaert's fine solo goal for the hosts.
"I will be the first to admit we have played better," Pearson said. "But credit to Wolves, who played with a lot of spirit and made life difficult for us with five in midfield.
"So it was nice to win a tight game like this with two bits of quality. The irony is that we scored our goals on the counter-attack and in the second half we really had to grind it out.
"It was a calculated risk to play Knockaert because he had had an ankle injury. But he worked very hard for the side in both directions. I was very pleased with his contribution.
"But we have got a few match winners in the team, and although we were not at our best we showed other qualities which pleased me.
"We are making progress as a team and we have a variety of options in attack going into this crucial part of the season.
"We have started the New Year very well, but there is a long way to go and there will be a few twists and turns yet that we will have to deal with."