What difficulty are you in? If you're doing Proud Mode, then I can understand where you're coming from. I died like 40 times with this boss before I was finally able to beat it.
Here's what you do? Make sure you stay clear of him and deliver as much long-distance attacks as you can: something like Strike Raid or the Sonic Shadow Focus Mode are highly recommended. Long-distance spells like Blizzard also work too. If you're getting low on HP, D-Link any of your comrades. I'd recommend Aqua for her magical abilities, and especially Cure since the Wheel Master takes chunks of damage outta you. Don't fret about your D-Link draining. They drain pretty slow, so you should be able to hold up long till the Master is almost defeated.
Also make sure that you unleash your Critical Impact whenever possible. You should strike down the Wheel Master by its wheel first, since he always get detached from it whenever. But when you attack the wheel, watch your back, cuz he might strike by surprise (apparently, his wheel is like his baby).
When he starts charging toward you, keep dodging (or sliding) out of the way to avoid his charge.
Use this strategy wisely and you should be fine.
Edit: Patience recommended. I learned that the hard way. And yes, Proud Mode is HORRIBLY STRESSFUL! @_@