Keogh struck in the 58th minute when he nodded home from close range after Julian Speroni had saved a point-blank shot from Sylvan Ebanks-Blake following Michael Kightly's centre.
Wolves ultimately made hard work of the win as Ebanks-Blake had given them a flying start when he struck after just 19 seconds.
Palace, who crashed to a fourth straight away defeat in league and cup, bounced back impressively from that setback and were level after 32 minutes thanks to Paul Ifill's first goal of the season.
But Wolves, who have made their best start to a season in 46 years, were not to be denied a fifth win in six games against a Palace side who have won just once in the league this season.
The margin of their victory should ultimately have been greater as Kightly wasted a golden chance to make the game safe when he blazed over the bar in the 71st minute when he was faced with only Speroni to beat after a surging run from midfield.
Palace were knocked completely out of their stride by Ebanks-Blake's speedy strike.
Keogh surged down the left-wing and crossed for David Jones who headed the ball into the path of Ebanks-Blake and he turned neatly before beating Speroni with a neat left-foot drive.
But Wolves were unable to build on that stunning start and they were lucky not to be back on level terms when a quickly taken free-kick from Nick Carle caught then napping.
Ifill muscled his way into the area only to be denied by a smart save from Wayne Hennessey.
While Wolves escaped then, they were not so lucky when Neill Collins gifted Palace a route back into the game.
There was no danger on the right wing when Collins moved to clear the ball.
But he delayed his clearance and Kieran Djilali - making his first Championship start - blocked the ball before crossing for Ifill, who made no mistake from eight yards.
Fortunately for Collins, his blushes were spared by Keogh as Wolves retained top spot on goal difference from Birmingham City.