The 22-year-old moved to Molineux from Plymouth in January last year and won the Championship Golden Boot after scoring 23 goals.
Ebanks-Blake has continued his fine form this season and leads the race for the Golden Boot once again with 24 goals.
The former Manchester United trainee was rewarded with his first England Under-21 cap in November and looks set to help Wolves earn promotion to the Barclays Premier League, with Mick McCarthy's side five points clear at the top of the table.
Leicester frontman Matty Fryatt was rewarded for his fine form this season by being named League One Player of the Year.
The 23-year-old has been in blistering form this season and has already netted 23 league goals to help the Foxes to a four-point lead at the top of League One.
Shrewsbury's Grant Holt made it a clean sweep of accolades for the strikers by taking the League Two Player-of-the-Year award.
The Shrews are five points adrift of the automatic promotion places but Holt is joint top-scorer in League Two with 18 goals.
Leeds midfielder Fabian Delph, 19, cemented his reputation as one of the Football League's brightest prospects by being named FourFourTwo Young Player of the Year.
Crystal Palace forward Sean Scannell won the Championship young apprentice award while Carlisle's Tom Aldred and Wycombe's Matty Phillips took the League One and Two awards, respectively.
Former Fulham star and broadcaster Jimmy Hill OBE was also recognised for his achievements by taking an award for Contribution to League Football.