The Ipswich and Poole racer picked himself up from a nasty crash in the Grand Final to win the re-run after some early pressure from Schlein himself.
Wolves’ Luke Becker topped the regular scoring charts, dropping just one point from five rides when Great Britain’s Speedway of Nations Gold medallist Dan Bewley got the better of him in Heat 11.
But the American clipped the back of King’s bike in the Final and was sent hurtling into the air fence.
Ryan Douglas produced a solid showing with 12, beating Schlein in the opener and then winning the battle with Wolves No.1 Sam Masters in Heat 14 - he finished runner-up in the Final.
Schlein himself won two races on his way to 11 points.
King reached the final on countback with three race wins to his name as he totalled 10 before producing the goods when it mattered most.
With tricky conditions caused by persistent drizzle in Wolverhampton, Schlein heaped praise on the riders for their efforts.
“I want to thank all the boys who turned out for me tonight, it means so much with all the dreadful weather we had,” he said.
“The fans turned out too, I’ve just been watching the weather all day but fair play to the track guys and the riders, fans and sponsors – plus of course Wolves as a club – for making it happen.
“I appreciate everything that’s gone into this meeting very much, I’ll never forget it. I’m pleased for Danny and I’m even more pleased to get the meeting through to a conclusion.”
Wolves round off their season at Monmore with the popular Ladbrokes Olympique Individual next Monday (October 25, 7.30pm).
The event will feature all the current Parrys International Wolves side along with some 250cc races and a grand firework display to bring the curtain down on the season.
It will feature 16 heats plus the 250cc races and normal admission prices apply. Season tickets are valid.
Final: King, Douglas, Schlein, Becker (FEX). Regular scorers: Luke Becker 14, Ryan Douglas 12, Rory Schlein 11, Danny King 10, Sam Masters 10, Kyle Howarth 10, Tom Brennan 10, Dan Bewley 9, Chris Harris 8, Nick Morris 6, Jason Crump 5, Adam Ellis 4, Ben Cook 4, Danyon Hume 3, Drew Kemp 2, Anders Rowe 2.