John Stones produced a 95th minute winner to rescue City's frustrations. The goal was eventually ruled legitimate after initially being denied for offside.
Wolves were furious at the final whistle, but Guardiola said: "We are not a team that win games right at the end but the performance there was outstanding.
"We have a lot of players with quality up front, but a lot of players in the box is difficult. They are aggressive, strong. We played really good to have the chances we had. The players who came in were unbelievable and to win that way feels good.
"11 players in the 18 yard box is difficult, but the composure from everyone. We lost here last season, they were less active but I saw them against Liverpool and Chelsea."
Jorge Larsen had put Wolves ahead before Josko Gvardiol found an equaliser for City.
Guardiola also said of Stones' winner: "We have been in that position, when you lose at the end. But this is the game. Both sides try to do their best. They had a game plan and I am so proud. We played the way we want to play and it is a joy to be here, to score in the last 50 seconds and go top of the league."