Hamilton, who holds a 66-point lead over rival Sebastian Vettel with just three rounds remaining, will earn another shot at world championship glory in Mexico City on Sunday.
After victory in the United States, Hamilton needs only to finish fifth to become the first British driver to surpass Sir Jackie Stewart and claim four F1 titles.
The Englishman, 32, has been in stunning form, winning five of the six races since the summer break and surpassing Michael Schumacher’s pole position record at the Italian GP.
A fourth championship would leave Hamilton some distance off Schumacher’s record haul of seven, but Wolff believes his star man warrants greater recognition.
“Lewis is about to break all records that have been set in Formula 1, and it is just a matter of time that people will say he is on track to being the best driver that has ever existed,” said Wolff.
“The high performers often polarise because they have strong opinions and they express those. You don’t want to be down the middle and boring, and, in today’s day and age, if you polarise, you stand out. Lewis stands out.
“Those sport icons that polarise eventually get the credit, but maybe after their career ends. This is the best Lewis – both on and off the track – that I have worked with since 2013.”