Lewis Hamilton and Valtteri Bottas will race against each other at Mercedes
Nico Rosberg beat Lewis Hamilton to the F1 World Drivers' Championship last year by five points, only to retire five days later.
Mercedes subsequently signed Valtteri Bottas from Williams on a one-year deal after spurning Pascal Wehrlein, 22, in favour of a more experienced driver.
And team boss Wolff is confident that Bottas and Hamilton will not have the problems that his previous pairing had when their relationship was worn thin by the pressure of three title races.
Lewis Hamilton could win his fourth world title in 2017
"The balance between Valtteri and Lewis works," said Wolff.
"They are two very different personalities and for us it was important to fill Nico's shoes.
"Nico had a certain role in the team and Valtteri pretty much fits into that.
Everything you need to know about Valtteri Bottas
Tue, January 10, 2017
Express Sport brings you everything you need to know about Valtteri Bottas, with the Finnish driver joining Lewis Hamilton at Mercedes after Nico Rosberg's retirement
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Express Sport brings you everything you need to know about Valtteri Bottas
"We believe the interaction and dynamics between the two drivers is going to work well.
"They respect each other and so far from what I have seen, Valtteri has settled in well."
Bottas arrived at Mercedes' Northamptonshire base on Monday and has been in the simulator learning the new car.
Hamilton is expected later in the week ahead of the new car being unveiled on February 23.
The new season does not get under way until the Australian Grand Prix on March 26 but winter testing in Barcelona starts on February 27.
And Wolff revealed that it is not only the drivers who are working towards a fourth consecutive F1 World Constructors' Championship.
"In some areas in the factory at Brackley and Brixworth the guys are pushing flat out in order to bring the car and engine in to meet the performance targets we have set ourselves," Wolff added.
Lewis Hamilton and Nico Rosberg were childhood friends but struggled as team-mates
"I am most excited to see how the new car is going to go because we all expect them to be much faster and look spectacular plus much more physical for the drivers.
"We have set aggressive targets for where the car should be going, also with the engine, and we are pushing flat out to achieve those targets.
"Will those targets be enough or will other teams get out of the blocks better than us? We don't know."