England star Sterling netted the all-important winner from the spot midway through the second half to record his 100th career Premier League goal.
At the other end of the field, it was also a milestone day for goalkeeper Ederson who chalked up his 100th clean sheet for City in just his 212th game.
And as he reflected on the crucial win, the boss was quick to praise the duo’s efforts in overcoming a Wolves side who provided fierce resistance despite being reduced to 10-mon the stroke of half time after Raul Jimenez picked up two yellow cards in a minute.
“It’s a great number at Raheem's age, 100 goals is a lot, congratulations. Like the 100 clean sheets from Eddie, but congratulations to both and to the team, of course,” said Guardiola.
“Players are always important, but they sometimes drop. They have highs and lows. I am unfair sometimes, they play well and I don't play them, I don’t have an excuse.
“Raheem scored goals lately and is so committed and aggressive he has been incredibly important over the years.
“But players have to perform every single game. He is really good, aggressive, and attacks, and this is important.”
Ederson made some equally vital contributions in the dying minutes, producing two key saves to deny Wolves and so secure a sixth consecutive Premier League win.
And Guardiola said that was also provided a vital lesson for his team looking to the future.
“Eddie, I remember at Aston Villa saved some big saves, the big keepers don’t have many saves to do but when they have to do it, they do it,” the boss added.
“When you are 1-0 (up) we started to lose simple balls that were not necessary.
“But we did and we lost a ball and the counter-attack. We didn't defend the high positions, we dropped too much. We conceded actions.
“It’s good because we will improve for the future.
“With ten players from Wolves, it’s so difficult to play against a team like this. The spaces are so minor. They are so good at defending.
“In the last 10 games, they lost just two. Last week late in the game against Liverpool. We knew how difficult it would be and we had to be patient.
"In general we were good. We were not so clever in the final third, some players dropped their performance and some players are coming into their best.
"We conceded one chance in 94 minutes."