The League Two outfit earned a 3-2 win at Molineux on Monday night to put themselves in the draw for the second round.
Despite seeing his team knocked out of the competition early, Jackett admits that Northampton deserved to progress.
"Fair play to Northampton, they played very well, defended well and on the break they had a lot of chances and a lot of shots," he is quoted as saying by BBC Sport.
"Two of the three goals were from set pieces and it is something we are normally very reliable and good at."
Wolves are back in action on Saturday when they make the trip to Rotherham United in the Championship.