The former Premier League side's survival hopes have been given a boost following a thrilling 3-2 victory over the Blues at St Andrew's.
"[Birmingham boss Lee Clark's] not let the team buckle, fair play to Birmingham, they fought back, got two penalties," Saunders told Sky Sports News.
"It would sound like sour grapes if we lost. We've got four wins out of five now but we still can't seem to get away from the bottom far enough."
Wolves are now in 18th place in the Championship table, one point away from the drop zone.