Hull took control of the contest from the first whistle and could have been ahead inside 10 minutes but James Chester headed wide of the target from a Liam Rosenior cross.
However, the hosts did manage to take a deserved lead midway through the half when Aluko curled the ball into the bottom corner from a 25-yard free kick.
Steve Bruce's side continued to dominate but the former Sunderland manager was made to wait until the 51st minute to see Simpson double Hull's lead by firing past Carl Ikeme from a tight angle.
Wolves had very few opportunities in the first hour of the contest and could have been further behind when Aluko found space just outside the area but the forward curled his effort over the crossbar with Ikeme beaten.
When the visitors were gifted a chance to pull a goal back, it was wasted by Roger Johnson as the centre-back headed over from close range.
Wolves did reduce the deficit when a poor kick from Ben Amos found its way to Bakary Sako and the winger produced an inch-perfect cross that forced Chester to turn the ball into his own net.
Chester's mistake encouraged the away side but Richard Stearman's wayward header was the closest they came to an equaliser as Hull held on for the victory.