Danny Batth put the League One leaders in front with a 48th-minute header and Dave Edwards made the game safe from close range midway through the second half.
Despite the setback, Peterborough remain well set to secure a place in the play-offs but Ferguson, who spent five years at Wolves as a player between 1994 and 1999, had few complaints about the result.
"They were the better team. We were nowhere near them," said Ferguson, whose side defeated Chesterfield at Wembley last weekend to lift the Johnstone's Paint Trophy.
"You have to give them credit for that. That is why they are top of the league and that is why they will probably go on and win the league.
"We made it easy for them and it was probably one of the more comfortable days that they have had.
"That is a huge disappointment because we came here expecting to give them a game and on our top form we would have. But we were nowhere near that.
"The key to the game, and it always will be for us, is if you keep giving the ball back to the opposition then you are not going to win.
"Our performance was not good enough to win at Wolves - that is the bottom line.
"I have great trust in my players but perhaps I should have changed the team as the season tells me that we haven't got the consistency to do two, three or four games.
"Perhaps it a case of continually changing my team to the end of the season.
"You have to give credit to Wolves. They are a good team with a manager who knows the league well. But I was disappointed that we did not give them more of a game. It was far too comfortable for them."
Peterborough now host Gillingham on Tuesday night and a win would move them six points clear in the final play-off spot.
Ferguson added: "We have to stay positive and move on to Tuesday. That is a huge game.
"If we win that we are six points ahead and if we get that it is probably the biggest gap we have had in a while.
"It is a big opportunity and one that we can't waste. Tuesday is a big, big game."