The move was made before Thursday's game at Los Angeles.
Setoguchi left in the first period of Tuesday's game at San Jose with what the NHL-leading Wild called a lower-body injury. He's tied for the team lead with eight goals. Right wing Cal Clutterbuck is also hurt.
The 30-year-old Taffe is third on the Houston Aeros with 17 points, including five goals, in 23 games. The product of Hastings, Minn., and the University of Minnesota was a first-round draft pick by St. Louis in 2000. He signed with the Wild organization this summer.