Ayew put the visitors ahead with seven minutes remaining, producing a sublime touch to control Patrick van Aanholt’s effort before converting from close range.
Luka Milivojevic then made no mistake from the penalty spot deep into stoppage time after Wilfried Zaha was brought down by Ryan Bennett.
The visitors dictated the early play and captain Milivojevic’s dipping effort from the edge of the area forced Rui Patricio into a fine save after Willy Boly had been robbed of possession by Andros Townsend.
Raul Jimenez registered Wolves first meaningful attempt – firing over from distance – before Matt Doherty missed the best chance of the first half as he headed over when left in space from a corner.
Palace had an escaped after the break as Doherty failed to connect with Ivan Cavaleiro’s cross, having caught Aaron Wan Bissaka in possession, while at the other end Ayew failed to hit the target under pressure from Conor Coady.
But Crystal Palace’s late show ensured they move six points clear of Southampton in 18th, while Wolves lost ground on Leicester.
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