Graham, 21, played the last half an hour of Tuesday's 1-0 home defeat by Huddersfield, after 15 months out with a cruciate knee ligament injury.
"I thought he really livened the game up and got some bums off seats when he came on," Stearman, 29, told BBC WM.
"If he can stay fit then he'll be a force to be reckoned with next season."
Centre-back Stearman is approaching the end of his loan spell from Fulham, having originally left Molineux for Craven Cottage in 2015.
He returned to Wolves last summer but says he is waiting, like a large number of other players, on managerial decisions before knowing where his future lies.
"There's plenty of players up and down the country who don't quite know what's going to happen next year," he said.
"A lot of people are just waiting for the end of the season before they sort out what and who they need."
Fit-again winger Jordan Graham will add an extra dimension to Wolves' attack next season, according to team-mate Richard Stearman.