Wolves had been staring down the barrel of defeat when Gabby Agbonlahor gave Villa the lead with his sixth goal of the season in the 79th minute.
But Villa's advantage only lasted four minutes as Ebanks-Blake earned Wolves a share of the spoils with a clinically taken penalty.
While Wolves, who have not beaten Villa at home since 1978, will be relieved to have taken something from the game, they will know they could have picked up all three points after a dominant first-half display.
Villa only really came into the match in the second half and Agbonlahor's strike looked destined to earn them the local bragging rights before Steve Sidwell sent Michael Kightly sprawling and Ebanks-Blake converted from the spot.
Agbonlahor should really have put Villa in control after just 40 seconds when Christophe Berra misjudged a long clearance from Brad Friedel.
Agbonlahor was faced with just Wayne Hennessey to beat but weakly side-footed his shot into the arms of the grateful Wales international.
It was really the only chance that came Villa's way during the first half and Wolves should really have taken a lead into the interval.
Just two minutes after Agbonlahor's miss, Friedel did well to save from David Edwards when the ball broke to him after Wolves had strong claims for a penalty rejected when Kevin Doyle was hauled back by Richard Dunne.
Berra then headed a Karl Henry cross wide before James Milner cleared off the line when Doyle deflected a Michael Kightly corner goalwards.
Kightly's delivery was posing problems for Villa and his 38th minute corner again caused chaos when Berra's header was met by Ebanks-Blake whose acrobatic volley dropped just over the bar.
Wolves didn't carry so much of a threat after the break and it was Villa who looked far more menacing with Agbonlahor, Ashley Young and Sidwell all going close before the deadlock was broken.
Milner picked out Emile Heskey and he rolled the ball into the path of Agbonlahor. The England striker turned Jody Craddock and comfortably beat Hennessey from six yards.
But Villa's joy was short-lived as Ebanks-Blake struck with a nervelessly taken spot-kick following Sidwell's ill-timed lunge on Kightly.