The Brackley-based outfit currently sit fourth in the Formula 1 constructors' championship after seven races, and will be looking to make up ground on rivals McLaren and Ferrari at the Principality after enduring a frustrating start to the season.
Seven-time world champion Lewis Hamilton has yet to finish higher than sixth, and has rarely looked like challenging for a spot on the podium.
The Brit has already agreed a move to Ferrari next season, and he'll be hoping he will get the chance to add to his record-breaking win haul of 103.
Current team-mate George Russell has fared marginally better than his compatriot in 2024, but the 26-year-old has also failed to make an impression at the top of the order.
Though Monaco offers a unique challenge compared to other venues, Wolff still expects his drivers to find the going tough against the top teams, and has urged his talented duo to be patient and look to capitalise on any opportunities as they look to build some much-needed momentum.
"The team has worked incredibly hard to bring our recent updates to the track, and it was a clear performance gain," said the Austrian, as reported by The Mirror. "That being said, others have improved too.
"We are still a step behind the front three teams therefore, and there is plenty of work still to do. Nevertheless, we have a clear direction and developments in the pipeline.
"We have a more solid platform to build on now and we are confident that, in time, we can get ourselves into the pack ahead.
"That work continues this weekend in Monaco - it is a unique circuit and a fantastic challenge for the team and drivers. It is always hard to predict expected performance, but we will look to execute a clean weekend and maximise the car we have."