It brought to an end United's already faint play-off hopes while for Wolves it was a case of what might have been.
Kevin Cooper and Kenny Miller, who has signalled he may be willing to come off the transfer list where he has been for a year, scored the goals that separated the teams after they emerged from the break level at 2-2.
Wolves have been one of the form teams in the division in recent weeks and their fortunes have been transformed since the arrival of Glenn Hoddle in December on a six-month contract.
However, Wolves could themselves have been in the playoffs but for the high number of drawn matches under Hoddle - 15 in all, including five in a row in February.
The Blades' disappointing season saw them enter the final day hoping for the unlikely scenario of a resounding victory coupled with heavy defeats for West Ham and Reading to have any chance of claiming the fourth and final play-off spot.
Although they picked up and seemed to be on the brink of another challenge the Blades picked up just five points from a possible 15 and will again ply their trade in the Championship next year.
Danny Webber and Lee Naylor had given notice of both sides' attacking intent before Wolves took the lead in the 12th minute.
A free-kick just outside the area came back off the wall and Seol Ki-Hyeon was first to react, with Paddy Kenny pulling off a one-handed reflex save but Joleon Lescott was first to react and converted from close range.
United hit straight back however when Phil Jagielka played the ball to the fast-advancing Alan Quinn who hit an emphatic half-volley into the net from 20 yards.
In the 16th minute Nick Montgomery nearly made it 2-1 to the visitors but goalkeeper Michael Oakes got a hand to his shot from the right of the area after he stole in unnoticed.
Then Jagielka picked up the ball and hit a curling shot from 25 yards which beat Oakes but cannoned back off the crossbar.
However, it was Leon Clarke who restored the lead for Wolves when he slotted home following slick play that dissected the Blades defence.
United seemed to be deflated but after 37 minutes Webber played in Andy Gray who was given far too much room and shot beyond the goalkeeper to level.
Miller missed a golden chance to restore the lead just before half-time when he nudged the ball through Rob Kozluk's legs but then hit wide from the penalty spot with just Kenny to beat.
The second half sprung into life in the 50th minute when Miller played in Cooper with a ball that split the defence to find the substitute unmarked and he slotted past Kenny with the aid of a deflection.
Although not as relentless as the first half, there was always the sense of more goals to come and the sixth of the game came in the 60th minute.
Rohan Ricketts found Clarke in the area and his cross-cum-shot across goal was bundled home by Miller for his 21st of the season.