Wolves almost took the lead early on in the first half when Roger Johnson fired just wide having found shooting space.
Ebanks-Blake found a way past the Palace keeper 10 minutes into the second half, however, as he slotted home to give the hosts a 1-0 lead.
This advantage was almost doubled soon after when Kevin Doyle let fly, but his effort came back off the crossbar.
Palace kicked on from that let off, scoring twice in the space of seven minutes to turn the match on its head and take the lead, both goals coming from Wilfred Zaha.
Wolves couldn't find an equaliser of their own in the remaining 15 minutes as Palace picked up all of the points.