Guedioura met a fine Ronald Zubar cross on the edge of the box and took two touches before unleashing a left-footed shot over Craig Gordon to secure a well-deserved win for the home side.
Kevin Doyle's 10th-minute penalty had cancelled out Kenwyne Jones' early opener but much of the game was played out in a predictable laid-back fashion with both sides having secured survival with plenty to spare.
However, there was still time for Michael Turner and Jack Colback to forget there was little to play for as both men were dismissed in the final 10 minutes for separate, unnecessary offences.
The visitors had burst through the Wolves defence inside the first minute with Steed Malbranque playing in Darren Bent, whose low shot was tipped away one-handed by keeper Marcus Hahnemann.
And seconds later McCarthy's men almost repeated the feat at the other end when Sylvan Ebanks-Blake burst clear on the right flank and cut into the box where he was finally dispossessed by Kieran Richardson.
Sunderland grabbed the lead in the eighth minute when the recalled Jones fired as low shot from close to the penalty spot which struck Wolves veteran Jody Craddock and looped over Hahnemann.
The visitors' lead lasted barely a minute as Wolves went straight up the other end and won a penalty when Alan Hutton tripped Matt Jarvis. Top scorer Doyle stepped up to send the spot-kick low to Craig Gordon's left.
Malbranque came close to restoring Sunderland's lead when he met Hutton's cross with a stunning scissor-kick in the 14th minute, but his effort struck the outside of Hahnemann's left-hand post.
Wolves came close to a second in the 25th minute when Doyle's clever ball put Jarvis in the clear but the midfielder could only toe-poke his shot into the arms of the advancing Gordon.
Then a mix-up between Turner and Gordon in the Sunderland box presented a chance for Doyle, who stuck in a foot but saw his looping effort drop just beyond the keeper's right-hand post.
Jarvis flashed a long-range effort wide then Karl Henry was allowed to run himself into trouble as the visiting defence stood off and invited pressure from a home side keen to end their season on a high.
Wolves had the first chance of the second half when Henry lofted a hopeful ball into the left side of the Sunderland box which fell for Guedioura, who completely mis-kicked from six yards.
But Bent's flimsy free-kick over the bar soon after suggested the players were becoming increasingly concerned with holiday plans as the early momentum of the match was all but lost.
Wolves came close on the hour when Jones back-headed a George Elokobi corner onto the roof of his own net, and from the second set-piece Craddock powered a header into Gordon's arms.
The quick-thinking Hahnemann raced from his goal to cut out a chance for Bent after he beat the offside trap to reach Malbranque's through ball, but chances for the visitors were proving few and far between.
Guedioura had impressed all afternoon with his skill and well deserved his late winner, latching onto the end of Zubar's inch-perfect cross before rifling home his first goal for the club in style.
Turner was dismissed seven minutes from time for a rash challenge on Jarvis and substitute Colback followed deep into injury time for a wholly unnecessary foul on Zubar.