It is always difficult to figure out what a writer of a song or poetry means when they write in metaphoric terms.
Take this well known rock song by Van Morrison titled "Brown Eyed Girl"
Brown Eyed Girl by Van Morrison
Hey, where did we go
Days when the rains came ?
Down in the hollow
Playing a new game
Laughing and a-running, hey, hey
Skipping and a-jumping
In the misty morning fog with
Our, our hearts a-thumping
And you, my brown-eyed girl
You, my brown-eyed girl
Written in 1967, it sounds like a song about exciting love between a young man and girl, doesn't it?
What if I told you that the original title was "Brown Skinned Girl"? Now this
might be a song about inter-racial love. This was a very controversial subject in the late 1960's and the radio stations refused to play it with that title.
Now another proposed meaning to the song is that it is about heroin and the high from using it!!! Brown eyed Susan was slang for a type of heroin.
The upshot to this discussion is that the ONLY person who knows what a metaphor means in their writing is the writer! Everyone else is just guessing.
Now to your question as to what "wheel" means this song
"Wheel In The Sky"
Winter is here again oh Lord,
Haven't been home in a year or more
I hope she holds on a little longer
Sent a letter on a long summer day
Made of silver, not of clay
I've been runnin' down this dusty road
[Chorus:]
Wheel in the sky keeps on turnin'
I don't know where I'll be tomorrow
Wheel in the sky keeps on turnin'
This song was written in the late 1970's. Many rock bands either embraced or pretended to embrace eastern religions. There are many references to wheels in these religions. So perhaps this has a religious significance or refers to the changes of time.
However, you should know that the original name for this song was ""Wheels In My Mind" written by Diane Valory, the wife of Journey bassist Ross Valory. Who knows what she was thinking about when she wrote it?
I don't try to attach too much to the meaning of songs in general. It is impossible because you are not the writer.