Wasps had a hat-trick of tries from England second row Simon Shaw to thank for their win, the big former Lion going over twice in the first half before leaving his hat-trick score until 10 minutes from time.
His England team-mate Richard Hill had put Sarries in the lead with a try as early as the fifth minute, with Australian Tim Horan adding to that only two minutes later to make a home win look the likely outcome. But it was not to be.
Shaw's first two tries, as well as one for ex-Sarries loan prop Andy Kershaw saw coach Warren Gatland's side take the ascendancy – Fijian Nicky Little adding a penalty for the home side however just before the interval.
A quickfire score from Frenchman Thomas Castaignède gave Saracens a sniff of victory as the second half got underway, but a further try from England Sevens wing Richard Haughton was all they were to manage on the day.
Wasps wrapped the game up with Shaw's third try on 70 minutes, and by that time back row Paul Volley had already scored their fourth of the day.
Leicester's loss at Newcastle makes Wasps a good bet for a top three play-off place now, as they currently occupy third spot, eight points ahead of the fourth-placed Tigers, who admittedly have a game in hand on them.
SaracensTries: Hill, Horan, Castaignède, HaughtonCons: Little 3Pen: Little
London WaspsTries: Shaw 3, Kershaw, VolleyCons: King 4Pens: King 3