Try not speaking anything when your wife is angry. Just listen. Try to do funny things. This will perhaps help your wife control her anger. But it is not the permanent solution and the problem is grave. After your wife's anger has come down, then start speaking and make her realize that you remain silent when she was speaking, this way she will listen to you and you can say whatever you want to. But be calm and do not shout. This will surely give you an edge over her and she will realize her anger. Once she realizes it, I think she will be able to control it with you calmly helping her remember the issue. But you definitely need to remain calm and control your anger for her to realize her mistake.
I have seen this problem occur many times. In my own family, I've observed this. When the wife is very dominating and has an anger issue, it's only natural for the husband to give it back. It's only understandable..... But it just leads to more confusion and fiascos in the house. I am not advising that you keep quiet and keep listening to your wife getting angry unnecessarliy but it's wise to stay quiet at times. Of course. she must also realise that her behaviour is not right and must be corrected. Pls spend time with her and do ur best to make her realise this.... take her to a councelor if needed. and at times be strict with her - she'll learn.