Three tries in the second half did the damage as the home side starved the Falcons of the ball and pressed home their possession with some superbly worked scores.
With just 30 seconds on the clock, George Pisi cut out of defence brilliantly and an equally impressive offload to Paul Diggin allowed the full back to commit defenders and release Elliott who scorched home on the left wing.
After converting the score, Greig Tonks then ignored two kickable penalties, instead going to touch and when the Wanderers 10 crashed through and up to the line, Mike Haywood finished the move, stretching over.
There was to be some first half joy for the visitors, who broke a prolonged spell of resistance from the Wanderers to allow Joe Beckitt in the corner, but a penalty for Tonks allied with a great defensive spell denied Falcons any further points on the evening.
The Wanderers scored soon after the interval, Pisi again instrumental with an outrageous overhand pass to Scott Armstrong for the Wanderers' third having earlier threatened to waltz through the Falcons backline.
Armstrong then almost turned provider, his break so nearly finished by Stephenson who spilled close to the line. The young centre made amends in spectacular fashion, however, showing blistering pace to take full advantage of turnover ball from deep and release Tonks for the bonus point.
While the Wanderers fly half was struggling with the wide conversions, with ball in hand he was running the Falcons ragged - his initial break sparking the move which ended with James Craig driving over with five minutes to play - a try which completed the scoring for the evening.
1min WAND Try Elliott Con Tonks 7-0
14mins WAND Try Haywood 12-0
23mins NEWC Try Beckitt 12-5
36mins WAND Pen Tonks 15-5
HALF-TIME WAND 15 NEWC 5
44mins WAND Try Armstrong 20-5
67mins WAND Try Tonks 25-5
75mins WAND Try Craig 30-5
FULL-TIME WANDERERS 30 NEWCASTLE 5