Ebanks-Blake needed less than two minutes to score his 13th goal of the season from the spot before grabbing a second in the 58th minute.
David Edwards had effectively made the game safe for Wolves with his 40th minute strike.
Wolves had stuttered in their previous two games - picking up just a point after winning seven matches in a row - but normal service was resumed with a classy display against Derby that was orchestrated by a back to form Michael Kightly.
Derby, who have a Carling Cup semi-final, against Manchester United to look forward to, need to quickly turn their Championship form around or risk a second successive relegation fight.
They have now won just one of their last eight Championship games and were comprehensively outplayed.
Wolves were heading for victory after just 51 seconds when referee Grant Hegley had no hesitation in pointing to the spot after ruling that Darren Powell had handled the ball under pressure from Andy Keogh.
Derby goalkeeper Stephen Bywater, called up after Roy Carroll was suspended for two weeks by the club following a bust-up with manager Paul Jewell, was easily beaten from the spot by Ebanks-Blake.
Derby's response should have been swift and decisive when Wolves goalkeeper Wayne Hennessey spilled a cross at his near post in the seventh minute.
But Emanuel Villa couldn't force the ball home and it was a miss that Derby would live to regret.
Wolves went on to dominate the opening period and it was a surprise that it took them until five minutes before half-time to increase their advantage.
Andy Keogh dragged his shot wide after good work by Ebanks-Blake, who hit the post in the 39th minute following a cross by Kightly.
That proved to be only the briefest of escapes of for Derby and their fate was effectively sealed a minute later.
Again the impressive Kightly was to the fore - this time teasing the Derby defence with a deep right-wing cross.
Paul Connolly failed to fully clear the centre and Edwards latched on to the loose ball to rifle home his third goal of the campaign.
After that it was just a question of how big Wolves' winning margin would be.
Ebanks-Blake was denied by Bywater six minutes into the second half but didn't have to wait much longer for his second.
A pinpoint pass from Kightly released Keogh who saw his shot beaten away by Bywater, but unfortunately for Derby into the path of Ebanks-Blake, who made no mistake from 12 yards.