The United striker has played for nine clubs during a much-travelled career and was sold by Molineux boss Glenn Hoddle from Chelsea to Southampton for £1.25million a decade ago.
But his predatory close-range header after 16 minutes was enough to maintain United's 100% home record in front of a bumper crowd of 25,533 at Bramall Lane.
It was Neil Warnock's side's 11th win from 13 games and allowed them to bounce back from their controversial 2-1 defeat at Reading a fortnight ago.
The Division One play-off final 3-0 defeat to Wolves at Cardiff's Millennium Stadium in May 2003 remains a painfully fresh for memory at Bramall Lane and ensured the Blades are currently the longest-serving members of English football's second tier.
But their fine start to the season has encouraged hopes they can finally achieve a long-awaited return to the top-flight this time around.
The previous four league meetings between these sides had produced 22 goals and the Blades wasted no time in forcing the visitors back inside their own half.
Wolves goalkeeper Michael Oakes was forced to rush off his line and hack the ball clear after eight minutes as Steve Kabba threatened to pounce.
However, United were soon rewarded for their bright start when Shipperley opened the scoring.
David Unsworth's deep inswinging corner from the right found Blades skipper Chris Morgan unmarked at the far post.
His intelligent header across the face of goal was met by Shipperley, who nodded the ball home from inside the six-yard box for his fifth goal of the season.
But Wolves steadily gained a foothold on proceedings and midway through the opening period, Kenny Miller's wicked low cross from the left flank forced Unsworth into a vital clearance.
The temperature rose as the half wore on and Wolves defender Joleon Lescott was booked after 34 minutes for a scything challenge on Rob Kozluk.
Carl Cort then saw his appeal for a penalty waved away following a clumsy challenge by Unsworth before Kabba came within inches of extending his side's advantage.
The livewire striker embarked on a delightful weaving run which took him inside the visitors' box and culminated with a low shot which rebounded agonisingly off the post.
Hoddle would have doubtless left some harsh words ringing in his players' ears at half-time and replaced the ineffective Seyi George Olofinjana with former England midfielder Darren Anderton.
But it was the Blades who came closest to scoring soon after as Shipperley nodded Kozluk's fine cross wastefully over.
After 66 minutes Hoddle made a double substitution, replacing Miller and Colin Cameron with George Ndah and Mark Davies.
The switch appeared to spur Wolves into life but Cort wasted their best chance eight minutes from time when he blazed wide at the far post from Davies' superb flighted delivery as United held on for another potentially priceless victory.