In a thrilling encounter at Molineux, Wolves took the lead, then came from behind before being denied a victory by a 65th-minute equaliser from Norwich skipper Gary Doherty.
It was rough on Ebanks-Blake whose treble took his tally for the season to 20.
The former Manchester United trainee fired Wolves into a 25th-minute lead only for Lee Croft to equalise six minutes later.
Wolves old boy Carl Cort, on his first start for Norwich, returned to haunt his former club with his first goal for City two minutes into the second half only for Ebanks-Blake to then hit the Canaries with a double to complete his hat-trick.
But their victory hopes were dashed when Doherty, who was capped by Wolves boss Mick McCarthy when he was in charge of the Republic of Ireland team, struck to extend Norwich's unbeaten run under new manager Bryan Gunn to four games.
While the point has moved Wolves five points clear of second-placed Reading it was still a major opportunity thrown away as their recent poor run was extended to just one win in their last seven league games.
When the game came to life after a low-key opening, Norwich goalkeeper David Marshall managed to ride his luck twice in the space of five seconds when Ebanks-Blake beat him only to see his close-range effort hit the bar with Matt Jarvis then firing wide after Andy Keogh had picked up the rebound.
But Marshall's luck was out four minutes later when he quite literally handed Wolves the lead.
There appeared to be little danger when Michael Kightly lifted in a cross from the right wing. But Marshall dropped the cross and Jarvis pounced on the loose ball to tee up Ebanks-Blake who couldn't miss from four yards.
Having capitalised on a mistake to take the lead, it was somewhat ironic that Wolves then handed Norwich a route back into the game with an error of their own.
Richard Stearman's attempt at a headed back-pass to goalkeeper Wayne Hennessey was never going to reach the Wales international and Croft pounced on the ball to fire into an unguarded net.
Wolves made a determined push to regain the initiative before half-time but, on this occasion, Marshall was the Norwich hero - pulling off point-blank saves in quick succession to deny Ebanks-Blake and Jarvis.
The full value of Marshall's intervention became clear just two minutes into the second half when the impressive Darel Russell rolled the ball into the path of Cort some 20 yards from goal.
Cort did not need a second invitation and calmly rolled a first-time right-foot shot past Hennessey.
In hindsight, scoring so soon after the re-start was probably the worst thing that Norwich could have done as Wolves' response was swift, decisive and clinical.
They were back on level terms seven minutes after falling behind - David Jones picking out Jarvis whose right-wing centre was dispatched by Ebanks-Blake from six yards.
Norwich were still reeling from that setback when Ebanks-Blake completed his hat-trick - again converting another cross from Jarvis - this time from 16 yards.
The quick one-two looked enough to have ended the challenge of Norwich. But Gunn has instilled some real battling qualities into his side.
That became evident when Norwich, who beat Wolves 5-2 at Carrow Road in October, forced their first corner of the game and Doherty was on hand to bundle home Sammy Clingan's cross at the far post.