Smith also had seven steals. Dieng added 14 points and 14 rebounds for the Cardinals (10-0).
Peyton Siva contributed 13 points and nine assists as Louisville recorded a 10th straight win to start the season for the first time since 1996-97.
Memphis tied the score 70-70 with 6:44 left on Will Barton's layup, but Louisville then went on an 8-0 run to secure the win, capped by Kyle Kuric's slam dunk.
Barton finished with 28 points and hauled down 16 rebounds and Joe Jackson added 22 points for Memphis (5-4).