The win moves PSV into second place, level with Wolfsburg on six points from four matches, but ahead of the Germans on goals scored with their head-to-head record identical.
They are one point behind leaders Manchester United, 1-0 winners at home to CSKA Moscow, who are bottom on four points.
The first half was short on goalmouth action but was played at pace, as the home side took the game to Wolfsburg after successive losses on previous matchdays, including a 2-0 defeat in Germany a fortnight ago.
News that makes sense
Your trusted source for staying up-to-date with the world around you. Get free daily news updates and analysis, straight to your inbox.
Locadia forced a fine low save from visiting keeper Diego Benaglio late in the half after Wolfsburg's Dutch forward Bas Dost had seen his shot saved at point-blank range at the other end.
Yet Locadia, who missed a penalty when the teams last met, broke the deadlock 10 minutes into the second period after being set free by a brilliant pass from De Jong.
With plenty of time to pick his spot, the 21-year-old thrashed the ball into the back of the net to ignite furious celebrations.
Adam Maher had a chance to extend PSV's lead but watched in agony as his header shaved the frame of the goal with Benaglio beaten.
It was 2-0 on 86 minutes though as PSV's top scorer De Jong capped a fine night with a chipped finish for his 14th goal in all competitions this season and first in the Champions League.
(Reporting By Nick Said; editing by Toby Davis)
