The Portuguese international needed more than ten minutes of treatment on the field after accidentally colliding with teammate Conor Coady in the 87th minute of the game at Molineux.
Coady looked particularly concerned as medical staff attended to Patricio with caution.
In November, Wolves striker Raul Jimenez fractured his skull in a clash of heads playing a league match at Arsenal and the Mexican was watching on in the stands as his teammate lay stricken.
However, Espirito Santo was able to offer a positive update soon after full-time.
“He’s okay,” he told Sky Sports. “He’s conscious, he knows what has happened, he’s aware. The doctor tells me he’s okay.”
Diogo Jota scored the winner against the club he left to join Liverpool in September for about $52 million.
The Portugal forward’s low shot squirmed into the corner in the second minute of first-half stoppage time, with Patricio getting a hand on the ball but failing to keep it out at his near post.
Jota was playing his fourth straight game since returning from three months out with a knee injury.
It was only Liverpool’s second win in its last eight league games of a title defense that has imploded in the second half of the season.
Additional reporting by AP.