Goalkeeper Carl Ikeme, captain Sam Ricketts, ever-present centre-back Danny Batth, midfielder Kevin McDonald and winger Bakary Sako were rewarded with places in the PFA's side announced last night.
Kenny Jackett's champions have amassed 100 points this season – one short of Charlton's record - and boast the division's best attack with 86 goals and meanest defence with only 31 goals conceded ahead of the final round of matches.
The five Molineux men selected in the best XI are joined in the line-up by Bees left-back Jake Bidwell and attacking midfielder Forshaw, who have also secured promotion to the Championship.
Completing the side are Rotherham left-sided midfielder Ben Pringle, striker Britt Assombalonga of Peterborough, Sheffield United defender Harry Maguire and Coventry's 22-goal forward Callum Wilson.
League One PFA Team of the Year: Ikeme; Ricketts, Batth, Maguire, Bidwell; Sako, Forshaw, McDonald, Pringle; Assombalonga, Wilson.
McDonald was earlier named by managers as the third best player in League One after Adam Forshaw from Brentford and Swindon's Alex Pritchard.
Ikeme, Ricketts and Batth have helped Wolves to a club record 24 clean sheets in the league this season.
Sako is Wolves' equal top scorer with 13 goals and has contributed 14 assists, the highest in the division.
Ricketts believes it wasn't just the five who should be taking the plaudits, but the entire squad.
"It's been a tremendous honour to accept this award – for five of our players to be named in the League One team is outstanding – it's more than any other team in any of the leagues," said Ricketts.
"However, I feel the players from Wolves that have missed out are unfortunate because, to be frank, we've all played our part and they're as deserving as the rest of us.
"None of the five of us that have accepted awards would have done so without the hard work of our team-mates.
"I feel very privileged and proud to have captained such a side."