It was Mercedes first 1-2 since the 2022 Sao Paulo Grand Prix and followed Russell's victory in Austria last Sunday.
"It sounds incredible – you mention the Grand Prix win in Austria last week and now we have a front- row lockout. Who would have thought that a few months ago?" said Wolff.
"We don't want to get ahead of ourselves just because we're making good first steps and the same now for tomorrow. We were actually hoping for wet after going so well in FP3, but now it is really positive to see what happened!
"The weather has helped us. It's British weather and we want to keep it for the rest of the summer wherever we go!
"At the end, I'm happy that we were able to do it honestly and on merit, but we mustn't praise the day before the evening.
"But this exciting. We have struggled for the last two years to find direction."
Mercedes have steadily improved their results since Hamilton finished sixth and Russell seventh in Emilia Romagna in May.
"We have found direction since Imola and now every part we put on the car helps and we are learning from what we are doing.
"So we are going to continue with that and we have high expectations now for everything for Budapest and for Spa."
