Despite a second-half fight back Saracens never looked like closing the gap after trailing 38-10 at half-time.
The champions ran in six tries to take ample revenge for their 13-11 defeat in at Twickenham on the opening day of the season as they dealt a severe blow to Saracens' hopes of a place in the Premiership play-offs.
Paul Sackey ran in two tries – his first for Wasps since joining them from London Irish in February – and England flanker Joe Worsley also touched down twice.
Centre Ayoola Erinle and winger Tom Voyce also grabbed tries for Wasps with full-back Mark van Gisbergen contributing 15 points with his boot. He converted all six tries and also landed a penalty in a 100% kicking display.
Worsley opened the scoring, touching down in the sixth minute with van Gisbergen converting then adding a penalty.
Saracens hooker Matt Cairns then intercepted a pass from Wasps fly-half Alex King, creator of two of his team's tries, to gratefully accept a simple try, which fly-half Nicky Little converted to briefly reduce arrears in the 12th minute.
Sackey touched town extend the lead, however, and Erinle added another try as Wasps pulled clear of the visitors.
Cairns' wayward pass enabled Erinle to intercept and send Voyce in for Wasps' fourth try which secured the important bonus point as early as the 39th minute. Sackey added another try a minute later.
Despite a further penalty by Little, Saracens' recent surge up the table, which had seen them win six of their previous seven matches, was inevitably brought to an abrupt halt as Wasps won for the fifth time in a row.
Three half-time substitutions and the 46th-minute introduction of England flanker Richard Hill for his first senior appearance since undergoing knee surgery in October, stopped the one-way traffic.
Kevin Sorrell, one of the replacements, ran in a 53rd-minute try, converted by Little who also added the points when Hill marked his return with a late try.
But Wasps had the final say in injury time with Worsley's second try.
Their skipper Lawrence Dallaglio further enhanced his claim for a place in Sir Clive Woodward's squad for this summer's British Lions tour of New Zealand, which will be announced tomorrow, with a totally dominant display.
He could be joined by Hill who, as well as getting his name on the score sheet, showed no effect from his long lay-off as he added second-half stability to the Saracens pack.
For London Wasps:Tries: Worsley 2, Sackey 2, Voyce, Erinle Cons: Gisbergen 6 Pen: Gisbergen
For Saracens:Tries: Sorrell, Cairns, Hill Cons: Little 3Pen: Little