Ok, Wolf is a pain in the butt to space against especially since the majority of his aerials and ground moves out prioritize your aerials. It's very difficult to approach him on the ground or from the air because of his quick attacks.
Since I don't have intimate experience with the matchup, I'll just post what I think could be problematic for Zelda.
The majority of his aerials can auto-cancel. Zelda can be hit by a retreating, lagless fair; bair to shine/blaster; full hopped dair. Heck, even his uair
You may or may not be able to punish these with a dash attack, up smash, or up air out of shield (respective). While these moves auto cancel when he hits the ground, he still has substantial aerial lag. So if you're gonna punish, it needs to be before he touches the ground.
Nair is not a good approach by any means. Only the first hit-box and I think some other random hit-box has actual knockback. Punish it by out prioritizing it or taking advantage of his short period of landing lag.
His up-air requires precise timing -- it has a short hit box and a long cool down (but he can shine before he touches the ground). I think that if he's chasing you in the air, you can out-speed it with a dair or punish it with a nair depending on where you are. More likely he'll try an upb or just wait for you on the ground with an upsmash.
His up and forward smashes are difficult to space against. His forward smash has surprising range. I can't imagine how many times I've been baited into getting hit by it after a backward roll-dodge. Unless you were planning to dash into a shield, he'll hit you with it if you chase him. When you're landing, he has the choice of either upsmashing you if you're above him or fsmashing you if you try to create some distance. It's difficult to find a place to land against Wolf.
His smashes tend to have quick, short hit-boxes and long cool down times. If you block his fsmash, you can punish it with a variety of moves depending on where he initiated it. If you are next to him and block his fsmash, you can easily turn around and fsmash or dtilt lock him. His upsmash is the same -- two hit boxes, the first one leading into the next but a long period of cool-down after the hit boxes have left him.
Landing safely against him requires that you remain unpredictable. Often it's possible to escape him and possibly sometimes even to punish. He likely doesn't want to chase you with an upair because you can just dair or air dodge him and land safely. You can escape onto the ground pretty effectively by combining your double jump and farore's wind to fake him out. Other times, you can bait him by falling into his fsmash range and stalling with naryu's love. You can also space farore's wind to disappear right before his upsmash hit-box comes out and reappear during his cooldown time. At the right angle, a nair might be able to bait him into an up smash which you can (maybe?) out-prioritize.
I find lightning kicking him difficult to aim because of his weird stance - it's easier to hit him while he's walking/running or just coming out of his shield though. Aggressively edge guarding him with kicks and up airs is probably the best way to get a low percentage kill on him. You'll likely often beat his downsmash with yours. If he rolls behind you, do a quick turn around before you downsmash to maintain your speed and priority.
Wolf likes his down throw, but you can tech it if you shield as soon as you see yourself touch the ground and then punish with a down smash.
Since he's a fast faller, I like to start stocks off by racking up damage with a dash attack/upsmash -> up smash -> nair. It puts him at % that is favorable to Zelda because now he can be dtilt locked, and all your moves have safe knock-back. At around 80% dair starts to have tripping effects and a fresh lightning kick will kill him. Dair is a semi-useful tool in this match because hitting him with it will either cause him to trip or stand straight up which make him tall enough for you to hit him with a rising double jumped bair. I'm not sure if Wolf has any responses to a dair cross-up that will hurt enough for it not to be an acceptable risk, though.
His blaster is not much faster than Pikachu's thunder shock -- it's easily powershielded. Don't let it force you into a sloppy aerial approach. He can definitely try to bait you into jumping into another blaster hit or worse his over b. If you're powershielding through blasters, be aware of getting in his fsmash range. Also keep in mind he has a pretty large cooldown window after a blaster shot, but not large enough to punish unless you've jumped over it or powershielded it within dash attack range. Also, don't let blaster shots distract you off stage -- you have better things to do, like recover properly, than worry about 5-10% from a couple of blaster hits.