Wolves like most mobs in the game(sans flyers and slimes) are vertically challenged). Use rocks or build a fast column of earth if you got the mats high enough out of their hitbox range and either shoot them with arrows or iron sledge them. Same method works well against golems too if you do it right.

Once I found a crevice that I could get in that they couldnt and shot them until arrows ran out. I made camp fires over and over again luckily with the mats I had(I didnt have sledge on me). Got them down to a small enough amount I could melee from there with good timing.