The visitors started the better of the two sides but struggled to create any clear opportunities early on, with Matt Phillips dragging a shot wide from 25 yards for the best chance inside the first 15 minutes.
Wolves started to dominate possession following Blackpool's impressive start and were ahead when Ronald Zubar's inviting cross was headed into the back of the net by Ebanks-Blake.
The hosts took control of the match following the opening goal as Blackpool struggled to penetrate a stubborn Wolves defence.
Blackpool improved towards the end of the first half and were left furious when the referee rejected appeals for a penalty following a tangle of legs between Karl Henry and Alex Baptiste.
Thomas Ince took advantage of a poor back pass from Roger Johnson on the stroke of half-time to slot home an equaliser, much to the anger of the Wolves fans.