Malik's 54 off 27 balls propelled Peshawar to 170-6 after a wet outfield had reduced the game to 15 overs per side.
Wahab, who was named new Peshawar captain when Darren Sammy stepped down due to his poor form and fitness, then grabbed the crucial wickets of Ahmed Shehzad and Ben Cutting off successive deliveries to restrict Quetta to 140-7.
It was Peshawar's second victory in a rain-curtailed game at Rawalpindi. They beat bottom-placed Lahore Qalandars in a 12-over game.
Peshawar climbed to third with seven points after seven games, while Quetta lost its third successive game and is fifth with six points.
Multan Sultans are at the top with eight points while Islamabad United are second thanks to a better run-rate than Peshawar.
Quetta suffered a big blow early when its 17-year-old pace sensation Naseem Shah left the field with a sprained left ankle after bowling two tidy overs for just six runs.
Naseem's absence cost Quetta dearly as Malik smashed eight fours and a six and Pakistan batsman Haider Ali (39) laid the foundation of a big total. Malik, Pakistan's most experienced Twenty20 batsman, contributed 54 runs off 30 balls for the second-wicket stand.
Fast bowler Mohammad Hasnain stretched his wickets tally to 14 in the tournament by claiming 4-34 and also clean bowled Malik in the 13th over before Lewis Gregory (19) and Liam Dawson (12) had cameos to give Peshawar a strong total.
Quetta's opening batsman Jason Roy top scored with 45 off 26 balls but the rest of the batsmen struggled to score freely against Wahab and Hasan Ali (1-15).
Ahmed Shehzad continued his poor run of form in the tournament with another below-par knock of 10 runs off 17 balls before holing out off Wahab. Cutting (17) followed him when he was caught at deep mid-wicket off the next ball. Wahab capped the perfect night for Peshawar when he clean bowled his counterpart Sarfaraz Ahmed off a slower delivery as Quetta fell well short of the target.