Both sides showed their best in attack and their worst in defence as Nuno Santo’s visitors threw away a two-goal lead in the second half.
Wolves looked the more inventive in the opening stages but it was Brighton that struck first on 14 minutes as Aaron Connolly turned home Leandro Trossard’s pass.
But Wolves weren’t down for long as the determined visitors struck back just after as Roman Saiss nodded home Nelson Semedo’s corner.
That goal tipped the balance for Wolves before half time, as Seagulls defender Dan Burn suffered a nightmare few minutes.
The giant centre back poked home an own goal form Pedro Neto’s deflected shot before his late lunge on Adama Traore allowed Ruben Neves to make 3-1 from the spot.
But despite a horror show at the end of the first half, Brighton roared back into life in the second period as Neil Maupay tucked home a penalty.
That gave Potter’s side a foothold back in the game, and despite Wolves creating more chances, Brighton carried the bigger threat.
Adam Webster fired a warning comeback shot as his header thumped back off the bar before Lewis Dunk powered home from Trossard’s corner.
Wolves substitute Owen Otasowie almost pinched it in added time for Wolves but his header flashed wide.
Full Time at an action-packed AMEX Stadium it’s Brighton 3 Wolves 3