Although Mercedes headed into this campaign with just one victory in three seasons, the team has emerged as a title contender.
With three race wins in the last five races, the team is second in the Constructors' Championship, 69 points behind Red Bull Racing.
Added to that, Lewis Hamilton's triumph at the Hungarian GP – his first as a Mercedes driver – has put the Brit just 48 points adrift of Sebastian Vettel in the Drivers' standings.
Wolff, however, reckons that rather than chase the titles, Mercedes should focus on their consistency.
"If half a year ago we would have talked about Championship opportunities in the Drivers' or Constructors' Championship it would have been absolutely crazy," the executive director told Autosport.
"If you look at our competitors they have been able to perform at the top in a sustainable way.
"That is what we need to achieve – consolidation should be the agenda for the second half of the year, not looking at the Championships."
The Austrian has also warned against believing that Hamilton's success in Hungary is a sure sign that Mercedes have conquered their tire issues.
"We cannot be confident, it would be the wrong approach to say we have found the golden key now," he said.
"It is about consolidating and analyzing, trying to translate it into the coming circuits in terms of the circuit itself, track surface, track temperatures, energy of the corners. Every track is different.
"We have to keep our head down and consolidate the win, and try to turn it into performance on the track." Planet F1