I'm not a native Spanish speaker, nor an expert on "wolf whistling," but this is, honestly, the first time I've seen a question in the queue here at Spanish StackExchange that 1) hadn't already been answered by a number of people with more knowledge than I and 2) seemed like something I could take a stab at.
For starters, and similar to the Spanish translation you suggested (silbido del lobo), I did see this translated as "lobo silbato." So, I started to do some searching for both phrases. One of the first things I came across was this video here:
Lobo ahuyando y silbando
But the searches of online newspapers and books I took a look at, didn't leave me with the impression that either of these phrases went much beyond the most literal meanings.
I looked up "wolf whistle" on Tureng, and it returned:
wolf whistles and translates it as "piropos."
Collins translates it as "silbido de admiración".
With the phrase "silbido de admiración," I do finally start to see some examples in online newspapers that at least make this look as if it is a somewhat common translation for "wolf whistle." Here's an example:
"Ayer sin ir más lejos, un camionero le había dedicado un largo
silbido de admiración mientras corría con el semáforo en rojo ... El silbido había ido dirigido inequívocamente a ella."
"Yesterday without going any further, a truck driver had dedicated a long
wolf whistle to her as he ran the red light ... The whistle had been directed unequivocally at her."
— El secreto de mi marido: Hay verdades que no deberías descubrir nunca
"... oyó un tremendo
silbido de admiración a su espalda y se dio media vuelta para reprender al culpable. El culpable resultó ser un precioso loro ..."
"... she heard a tremendous
wolf whistle behind her and turned around to reprimand the culprit. The culprit turned out to be a beautiful parrot ..."
— Una cuestión de confianza
Those two examples come from authors who don't appear to be native Spanish speakers, however. I did also come across this example:
"Ojea a la mujer contento y se vuelve en un
silbido de admiración, prodigada al cuerpo bien empacado en un traje, ..."
from Literatura puertorriqueña del siglo XX: antología by Mercedes López-Baralt.
Despite some evidence that a somewhat literal translation of "wolf whistle" may be used by Spanish speakers, I have a feeling that there's some colorful phrases in Spanish that may be more of what you're looking for. What those might be, I don't know, but I'll be sure to keep my eye on this question to see how this gets answered. Thank you for asking it.
I should add that I have much more often heard the term "cat call" instead of "wolf whistle," but what's the difference? Well, it depends on who you ask or which sources you consult, but here's what OxfordDictionaries.com will tell you:
Right click the image and open it in a new tab to see it better.
As you can see from the image above, there's a slight difference in meaning. In summary, I'd say "catcall," which Collins translates as just "silbido" and which Tureng has several different translations of (e.g., pito, rechifla, silbo, ...), is often considered pejorative whereas "wolf whistle," is not, as far as I know. Even though the very word "wolf" might carry with it a tone of something sinister or predatory, I've never known it to be considered as pejorative as "catcall" can sometimes be.
For the record, "wolf whistle" and "dog whistle" are two completely different things.