In the match played in Shanghai on Saturday, the Portuguese goalkeeper kept out spot kicks from Ilkay Gundogan, David Silva and Lukas Nmecha.
The feat helped Nuno Espirto Santo’s Wolves side to win the four-team pre-season tournament, after the game was goalless at the end of 90 minutes.
The competition also featured Newcastle United and West Ham United.
The match at Hongkou Stadium was a frustrating tale of missed penalty kicks for Pep Guardiola’s English champions as Raheem Sterling was also off target from the spot during regulation time.
The England international was in electric form in the opening exchanges but failed to cap a fine start with a goal.
He fired over the bar from the penalty kick spot just before the midway point of the first half.
Patricio was kept busy in the Wolves goal, with the keeper called upon to make a routine save from Sterling with less than two minutes on the clock.
He went on to pull off a reflex save to keep out Aymeric Laporte’s close-range attempt.
Referee Martin Atkinson awarded Manchester City a penalty kick 20 minutes into the game when Leroy Sane was hauled down by the combined efforts of Conor Coady and Morgan Gibbs-White.
But Sterling sent his penalty kick high and wide.
Wolves eventually broke out of the Manchester City stranglehold to put some pressure on the Premier League champions’ goal as the half wore on.
But it was Guardiola’s side who always looked the more likely to score.
Patricio denied Manchester City again 13 minutes from the end, this time making a flying save to ensure substitute Silva’s free kick did not curl inside his left post.
Wolves held out in spite of Manchester City’s dominance of possession, clinging on for a scoreless draw to take the game into a penalty kicks shootout where Patricio performed more heroics.
Earlier in the day, Yoshinori Muto gave Steve Bruce a winning start to life as Newcastle United head coach.
The Japan international scored the only goal of the third-place playoff against West Ham United.
Bruce was appointed as Rafael Benitez’s replacement earlier in the week.
But he watched from the stands as the unmarked Muto flicked home a Jamie Sherry cross 11 minutes before half-time to give Newcastle United the win.