No. The "wise men" _can_ be in the power elite, but aren't always. The power elite, by definition, simply are those with the most power. (In our society, it's organized capital, the US government leadership.) Sometimes we see knaves and fools in the power elite, as currently. The capitalists' _intellectual_ elite (the "wise men") includes various establishmentarian types (whose names have slipped my mind) who disagreed with Dubya's Iraq attack, along with some that agreed. In sum, the power elite and the intellectual elite are overlapping sets, with less overlap of late.
-- Jim Devine / "There can be no real individual freedom in the presence of economic insecurity." -- Chester Bowles