Ebanks-Blake struck with his 12th goal of the season in the 74th minute to cancel out Cameron Jerome's strike three minutes after he came on as a half-time substitute.
Wolves had been chasing a club record equalling eighth successive win, but will ultimately be relieved to have taken a point that maintains their six-point advantage over the Blues.
After making a fast start, they were second best to Birmingham until the shock of falling behind sparked them back into life.
Birmingham will view the result as two points lost as they were in control of the game for long spells but a fourth straight win proved beyond them.
Wolves failed to take advantage of their impressive opening and were ultimately fortunate to get to half-time on level terms.
Stephen Ward and Chris Iwelumo were both just off-target from close range before Birmingham had a lucky escape when City central defender Liam Ridgewell hit his own post in the 14th minute.
Ridgewell was under pressure from Ebanks-Blake and deflected a throw from Ward on to the post before it bounced to safety.
That was the signal for Birmingham to come to life and they were unfortunate not to take the lead just two minutes later.
A through ball from James McFadden released Marcus Bent and his lob over Hennessey was heading for en empty goal before being cleared off the line by Richard Stearman.
England under-21 international central defender Stearman then came to Wolves' rescue again in the 21st minute this time clearing after Hennessey spilled a Kevin Phillips shot.
Phillips was again close to breaking the deadlock on the stroke of half-time, only for Hennessey to this time hold on to his close-range drive.
Birmingham maintained their momentum at the start of the second half and Jerome, a replacement for the unwell Phillips, raced on to a Nigel Quashie through ball and outpaced Stearman and Michael Mancienne, before lifting the ball over Hennessey for his fifth goal of the season.
Unfortunately for Birmingham all that did was inspire Wolves who immediately peppered the City goal through Karl Henry, Ward and Stearman.
Their pressure eventually paid off when Michael Kightly released Ward down the left and his cross was sidefooted home by Ebanks-Blake from ten yards.
Wolves could then have gone on to win the game, but goalkeeper Maik Taylor denied Sam Vokes with a smart 88th minute save.