The 22-year-old striker struck in the fifth minute of a match dominated by Mick McCarthy's side, as Wednesday tumbled to their second defeat in four days.
The Midlands side, with just one win in their last six games, took the lead with comparative ease.
Midfielder Michael Kightly had time to pick out Ebanks-Blake at the far post and he rose unmarked to head past the helpless Lee Grant.
Wednesday were foiled minutes later as Leon Clarke chased a through ball into the area but centre-back Jody Craddock produced a last-ditch tackle to foil the big striker as he was about to shoot.
The Midlands side caught Wednesday on the break and Ebanks-Blake pumped in a low ball which was met by Kightly at the near post but his first time strike was palmed away by Grant.
The Sheffield side escaped again as Dave Edwards hit a firm cross in the area and midfielder George Friend raced into the box but powered his header high over the target from eight yards.
Former Wolves midfielder Michael Gray was handed a half chance after running onto a Sean McAllister cross but his long-range header was comfortably snatched on the line by Wayne Hennessey.
Wednesday should have been back on level terms in the 32nd minute after Jermaine Johnson's run down the left flank split the Wolves defence.
The Jamaica international cut between Kevin Foley and Craddock before ballooning the ball into the top tier of the stand.
Johnson was at fault again on 60 minutes after again using his pace to to carve out an opening but, with leading scorer Marcus Tudgay waiting in the area, he miscued his cross and fired the ball over the bar.
Wednesday brought on club talisman Akpo Sodje for Gray on 69 minutes for the injury-jinxed striker's first appearance since November.
Minutes later they almost found a way through when Tudgay's low cross into the area was met by Johnson, who lashed in a strike from 15 yards which saved by the diving Hennessey.