Both sides started slowly and neither looked close to creating anything remotely resembling a chance until the 17th minute when Ebanks-Blake sent a firm shot straight at Julian Speroni after some kamikaze defending from Jose Fonte.
Michael Kightly and Chris Iwelumo both missed slight chances before Lee Hills blazed well wide from 20 yards with Palace's first shot of the game.
The home side were nearly gifted the lead in the 37th minute when Jody Craddock came close to slicing his clearance from Sean Scannell's low cross into his own net.
And Neil Warnock's men went even closer to opening the scoring seven minutes after the break when Paul Ifill's low free-kick was pushed onto the post by Wayne Hennessey.
However, Wolves were handed a major lifeline in the 73rd minute when Kightly raced through only to be brought down in the box by Clint Hill and up stepped Ebanks-Blake, who sent Speroni the wrong way to give Wolves the lead from 12 yards.
Andy Keogh and Iwelumo both missed superb chances to put the game to bed for the away side, while new signing Anthony Stokes missed Palace's best chance to equalise after sending a difficult header over the bar.
Nevertheless, the title chasers comfortably held on for all three points which ended their worrying spell of five games without a win, while Palace's play-off hopes now look to be well and truly dead in the water.