Kevin Foley's goal five minutes into the second half had put Wanderers 1-0 up before efforts from Darren Bent and Danny Welbeck put the visitors in the driving seat.
Stephen Hunt drew things level, though, and Ebanks-Blake netted at the death to hand Mick McCarthy's side three much-needed points.
Although they remain in the Barclays Premier League relegation zone, 19th-placed Wolves cut the gap between themselves and safety to three points and will take confidence from halting their recent four-match losing run in satisfying style.
Source: PA
Source: PA