Ebanks-Blake gave Stale Solbakken's men a third-minute lead - the 15th time in 23 npower Championship games they have opened the scoring this season.
Alex Baptiste marked his 150th Blackpool appearance by pulling a goal back with 90 seconds of normal time to play but Wolves held on.
The visitors were comfortably sharper in the opening exchanges and had their reward when Jermaine Pennant drove at Blackpool's defence to play in Ebanks-Blake, who calmly clipped the ball past Matt Gilks.
The hosts looked to respond when a magnificent lofted pass from his own half by Tiago Gomes sent Tom Ince darting towards goal from the right, but the England Under-21 international prodded wastefully wide.
Blackpool's creative duo had their tails up nevertheless and, moments later, Gomes thundered against the base of the post from 20 yards following a trademark mazy Ince run.
Gary Taylor-Fletcher came on for Wes Thomas to bolster the Blackpool attack at the interval but it was a familiar combination causing problems for Wolves three minutes after the restart.
Once again Gomes split the defence to find Ince and Carl Ikeme tipped a first-time shot over - beginning an inspired spell.
Bakary Sako had established himself as the visitors' major attacking threat from the left wing by the time he danced past Chris Basham in the 71st minute. Flailing in his man's wake, Basham grabbed hold of Sako's shirt - initially outside the box - and referee David Coote pointed to the spot for Ebanks-Blake to despatch a penalty into the middle of the goal.
One man thrown into Blackpool's attack from the back was Baptiste and he headed home a cross from substitute Nouha Dicko following some intricate passing in the area to set up a grandstand finish.