The North-London side, who were playing at “home” for the first time of the season, put on a typical patient performance to stay in the game and take it away when they had the opportunity.
They were outscore two tries to one by Wasps but they set piece and defence once again proved crucial in a hard fought encounter.
Wasps put on a brave display all game with their blitz defence and strong ball carrying in attack to cause a lot of trouble to Saracens but they lost their composure mid-way through the second half to let the game slip away.
They managed to secure a well-deserved losing bonus-point though to keep in the hunt for a Top Six spot as the Premiership paves way to the LV Cup for the next couple of weeks.
Wasps took an early 5-3 lead when Tom Varndell crossed over inside the first five minutes.
Christian Wade held up the defence in midfield before passing the ball wide to Hugo Southwell and see his partner in crime get into space. The winger put his foot down to get clear and dive in the eft corner.
Nicky Robinson extended the lead with an opportunist drop-goal but two penalties in quick succession from Hodgson saw Saracens lead 9-8 after 20 minutes.
Springbok Owen Hargreaves then charged down a clearance kick from Charlie Davies to race over and touch down.
But Wasps kept on going and, from a brilliant line break by Joe Launchbury , Hargreaves was caught entering the ruck from the side and sent to the bin.
Robinson kicked the resulting penalty with the help of the post and the score was leveled at 14-14 at half-time.
Nils Mordt and Robinson exchanged a penalty before Wasps started to lose their composure and concede too many penalties.
Hodgson started to take the game under his wing and slotted three penalties in ten minutes to give Saracens some room.
But Wasps managed to pull themselves together in the last five minutes and Davies barged his way over from close range to get a vital losing bonus-point.
For Saracens
Try: Hargreaves
Penalties: Hodgson 7, Mordt
Sin Bin: Hargreaves
For London Wasps
Tries: Varndell, Davies
Conversion: Bell
Penalties: Robinson 3
Drop Goal: Robinson
Saracens: Wyles; Strettle, Tomkins, Ratuvou, Short; Hodgson, Wigglesworth; Stevens, Brits, Nieto; Borthwick (capt.), Hargreaves; Brown, Saull, Joubert.
Replacement: Smit, Auterac, Du Plessis, Kruis, Fraser, De Kock, Mordt, Maddock.
London Wasps: Southwell (capt.); Varndell, Daly, Bell, Wade; Robinson, Davies; Payne, Thomas, Taulafo; Launchbury, Wentzel; Johnson, Haskell, Vunipola.
Replacement: Lindsay, Swainston, McIntyre, Cannon, Poff, Holmes, Bell, Masi.
Referee: JP Doyle
Star man: Charlie Hodgson – Saracens
NICK VERDIER