A remarkable tale of two halves at St Mary's saw Nuno's lot win 2-1, with Neto's stunning solo effort moving them up to 12th in the Premier League.
The goal of the season contender came after a Ruben Neves penalty early in the second half cancelled out Danny Ings' opener in a woeful first 45 minutes from Wolves.
And a delighted Nuno said: "I think it was a beautiful goal. It was a beautiful action from Pedro.
"Pedro is so talented that he can produce these kind of moments.
"But the team also has to sustain and give them the space and freedom, to go and use their talent – Adama Traore, Pedro, all of these kind of players.
"It was a beautiful goal, a good moment for us."
Neto's strike – spinning past Jannik Vestergaard before firing beyond Alex McCarthy in a flash – made him Wolves' top scorer this term with five league goals.
He also has four assists, but Nuno insists the Portuguese still has plenty of room for improvement.
"It's about the growing of the player and what he needs to get better," said Nuno.
"Pedro is producing good things, but he still has to reach that consistency in his game – game after game.
"It's a question of being side by side with the player, so they can keep on growing and keep improving.
"Pedro is in the right direction, but he still has a long way to go."
Responding to their hugely-disappointing FA Cup exit at the hands of the Saints, this was a morale-boosting win to make it three unbeaten in the top flight.
Wolves appeared to be down and out after a torrid first half on the south coast, with Ings left unmarked as he volleyed home, but they were a different side after the break.
"I'm pleased. The first half was very tough for us but the momentum changed in the second half," added Nuno.
"It was better football and we were more organised. I'm pleased with the reaction and the ability to reverse the momentum of the game. We played good.
"It was about trying to find better solutions. Southampton were better than us, but the game changed on small details.
"The actions of our offensive players were more inside and we produced better situations, to change the game. The boys did well.
"We have talented players whose games are based on one-on-one situations. When they have space to do their actions, they are very hard to stop and unpredictable.
"It was a huge moment that Pedro gave us."