It marked the beginning of the most successful spell in Wolves history, as they dominated domestic football over the decade that followed.
And 13 years later, the two sides returned for a rematch – in a charity game organised by Frank Knowles from Wolverhampton.
Aldersley Stadium was packed to the rafters for the clash in 1962, in aid of the British Empire Cancer Research charity.
"I can't remember exactly how much we raised, but it was thousands," recalls Frank, who is now 90.
Captain Billy Wright led the team out, with stars Billy Crook, Bert Williams, Bill Shorthouse and Jimmy Mullen returning for the reunion.
"The only one who couldn't make it was Sammy Smyth," recalls Frank.
As a young man, Frank had been on Walsall's books, but his career was cut short in his early 20s after he broke his leg during his National Service in Germany.
"Major Buckley, who was Walsall manager at the time, called me into his office and said 'Mr Knowles, go and get yourself a job, we couldn't afford to pay the insurance if anything were to happen to you'."
But Frank retained an interest in the game after joining the circulation department of the Express & Star, and started organising charity matches after being recruited by well-known fundraiser Mary Taylor.
In 1960, Frank, along with sports editor George Gillott and Wolves defender Bill Shorthouse, organised a charity game at Aldersley which saw future James Bond star Sean Connery play alongside Billy Wright and Wales captain Walley Barnes. That game raised a pretty impressive £600 for the charity, but the FA Cup rematch two years later was something else.
"We filled Aldersley," recalls Frank.
"In those days we could not charge admission on a Sunday, so we had to print programmes and sell them to get in the ground.
"I'm not sure what the score was now, but I think Wolves won."
Frank is also keen to identify his team-mates from a 1947 photograph of the Springfield Road Boys' Club side in which he played.
Frank, who would have been 15, is front left, and he also recognises George Wright, Les Fiddler and Kenny Roberts, as well as coach Mr Burton.
He also has a picture of himself, probably taken in the 1960s, with two footballers whose names he cannot recall.
*Do you have any memories of the game, or know the identity of any of the people in the picture? Please contact Mark Andrews on 01952 241491.