Wolves found themselves 2-0 down to 10-man City before Traore's 55th-minute strike fuelled the fight-back that sparked a 3-2 win.
The wing-wizard teed-up Raul Jimenez for the second, with Matt Doherty netting an 89th minute winner.
And for Wolves defender Dendoncker, consistency is the key to Traore's current form.
He said: "I think he is way more consistent than he was last year.
"That was the most important thing for him. He’s really focused and whenever he’s focused, I think he’s unstoppable.
"I don’t think there’s really a way to handle him. City did it really well first half. They kind of imprisoned him. It was really difficult to reach him. Bernardo Silva closed the line to him. But in the second half, we could find him and he was really dangerous again."
City keeper Ederson was sent off in the 13th minute for fouling Diogo Jota but despite the man disadvantage, it would be City who took the lead.
VAR ruled Dendoncker had stepped on Riyad Mahrez's foot in the box but the drama did not stop there as Raheem Sterling's spot-kick was saved by Rui Patricio.
Molineux erupted in delight but the video officials ordered a re-take after ruling Wolves skipper Conor Coady had encroached to clear the danger.
Patricio saved again but Sterling was alert and gobbled up the rebound in the 24th minute.
He would make it 2-0 in the 50th minute but then Traore ignited Wolves' fight-back.
And for Dendoncker, it was a special game.
He said: "It was a special game. 2-0 down, I don’t think a lot of people would have thought we would come back. But we did it, so a really good feeling.
"It’s special because it’s a very good side. Obviously it was difficult for them because they got the red card really early. But they managed still to score twice which is not bad. We kept on believing. We created a lot of chances. We took some time to get them in but we did it."
And Dendoncker is keen to take the belief from that City game to leaders Liverpool on Sunday.
He said: "It will be very tough. We’ve all seen the game against Leicester."They dominated them. They are really strong, maybe stronger than last season. At their home, they are even stronger. We have to be ready and believe that something is possible."