The pair discussed trade sanctions imposed on Australia by China, global rules and norms, and the fate of two detained Australians.
"We all share an interest in a region that respects sovereignty, that is peaceful, that is stable and is prosperous, and through a more stable relationship between Australia and China we can help ensure our people, our region and world can enjoy peace and security," Senator Wong said.
She walked alongside a red carpet to meet Mr Wang, before the pair shook hands and smiled for the cameras in front of Chinese and Australian flags.
The delegations were then led into a large room for the formal bilateral talks.
Mr Wang opened the meeting with a three-minute speech before Senator Wong replied with initial remarks, each minister nodding along as the other spoke.
The visit coincides with the 50th anniversary of Sino-Australian diplomatic relations.
A commemorative ceremony will be held marking the occasion.
Earlier on Wednesday, Senator Wong met with Australia's ambassador to China, Graham Fletcher, at Beijing's Diaoyutai State Guesthouse.
"The ice thaws but slowly," she said as the pair walked around the gardens, the temperature a brisk -6C.
Travelling media seized on the comment, asking the minister whether she was looking forward to "breaking the ice" with Mr Wang.
Senator Wong has travelled to Beijing with a small Australian contingent including Department of Foreign Affairs and Trade secretary Jan Adams and half a dozen other officials.
She and Mr Fletcher made it clear Australia wanted a return to holding annual leaders' meetings between Australia and China, as well as annual talks between the treasurer, trade minister and their Chinese counterparts.
Senator Wong thanked the ambassador and embassy staff for their hard work in challenging circumstances.
"It's been difficult period in the relationship and a difficult period because of all the COVID lockdowns," she said.
She then asked Mr Fletcher about an existing bilateral agreement between Australia and China, and how the nations could benefit from reinvigorated ties.
"A key part of it is what are you doing today, following the strategic dialogue with the foreign ministry with the annual leaders' meeting for the prime minister," Mr Fletcher replied.
"But another key element is the strategic economic dialogue, which brings the treasurer and the trade minister together with their counterparts here.
"Those three elements jointly let us cover the full spectrum of our interests here in the relationship which, as you know, are very broad."
Senator Wong said the resumption of such talks would "provide an opportunity to have the discussion between those different ministers about the trade issues".
Mr Fletcher replied: "It covers trade, it covers investment, it can cover economic issues of importance to both sides in terms of domestic policy. Those matters are certainly of interest to us, the way China's economy is tracking.
"They're interested in our experience and our economic story as well."
Prime Minister Anthony Albanese said he had received a "warm" letter from Chinese President Xi Jinping marking the 50th anniversary of diplomatic relations.
Mr Albanese had previously written to President Xi ahead of the anniversary.
"It is important we deliver better relations with our major trading partner into the future. It's also ... about jobs in our economy, and Australia's national interest being looked after," he told reporters on the NSW Central Coast.
"Out of dialogue comes understanding and we need to have respectful relations."
China's official Xinhua News Agency said on Wednesday Mr Xi had exchanged greetings on the half-century of ties with Governor-General David Hurley and Mr Albanese.
The relationship had "achieved fruitful results, bringing tangible benefits to the people of the two countries", he was quoted as saying.
Healthy ties are "conducive to promoting peace, stability and prosperity of the region and the world."
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