The Hurricanes spotted the Islanders a 2-0 lead, then tied it with goals less than 1 minute apart from brothers Eric and Jordan Staal as the second period was winding down.
Sanguinetti then put Carolina ahead midway through the final frame on a wrist shot for his first goal of the season. Alexander Semin added an empty-netter to cap the rally.
Semin and Jordan Staal added assists while Cam Ward turned aside 23-of-25 shots as the Hurricanes broke a three-game skid.
Kevin Poulin made 24 saves for New York.
2014: NFL Cheerleaders [PHOTOS]
Michael Sam cut from the Dallas Cowboys