Preheat oven to 400 degrees F (200 degrees C). Spray a baking sheet with cooking spray.
Cut potatoes into wedges; place on prepared baking sheet approximately 1 inch apart. Drizzle with olive oil; sprinkle salt and pepper over wedges.
Bake in preheated oven until golden brown and crispy, about 30 minutes.
Combine hot pepper sauce and melted butter in a large bowl with a tight-fitting lid. Add potatoes, cover with lid, and toss to coat evenly. Pour onto serving platter; drizzle with ranch salad dressing.
