Treasurethe Moment cashed in on a sweet ride from Damian Lane, who positioned the filly in fifth spot one off the fence before pouncing on the lead at the 250m.
Powers Of Opal, who followed Treasurethe Moment ($5) into the straight, tried to go with Treasurethe Moment but could get no closer than 1-3/4 lengths, which was the margin on the line.
Third, 4-1/2 lengths back, was leader Killcare Beachgirl ($18) ahead of Powers Of Opal's John Sargent-trained stablemate Inevitable Truth, who finished off well to remain in the Oaks picture.
While many have doubted Treasurethe Moment's ability to run out the 2500m of the Oaks, given she is by Alabama Express, Lane endorsed her as an Oaks prospect.
"On how she went today, I think she can," Lane said.
"She ran right to the line, so hopefully that indicates she's going to run the trip. If we have quick ground, I think that's going to suit her.
"She really enjoyed that firm ground, hopefully she comes through the run well and can go on the Oaks."
The Wakeful Stakes was delayed by 10 minutes after Jamie Kah was stood down from riding in the race after her mount, Hurry Curry, headbutted while runners were milling behind the starting stalls and Ziggy Rose was also a late scratching.
Kah was re-examined by the club doctor after the running of the race and passed fit to fulfil her remaining commitments.