Chase a deer into a wolf. Crouch walk to a good distance from wolf. Line up shot into lungs/heart area and immediately release after you draw. With luck it'll die immediately, if not, it'll run away bleeding and will take some time to die. You wind up with the deer corpse *and* the wolf corpse to loot.

You can also drop bait for wolves, and they'll stop attacking you and go for the bait just as though it were a deer. Wolves also avoid coming too close to dropped torches/brands, which also lets you line up a shot. Generally, I'd keep some bits of mostly-eaten food on me to use as bait to avoid/kill wolves.