Holloway was furious with the decision to award an 83rd-minute spot-kick which saw Albion claim victory in the corresponding fixture at Bloomfield Road last month.
And he will no doubt be livid this time around after Graham Dorrans again scored the winner from the spot in the 78th minute when Giles Barnes appeared to be brought down by Joe Martin just outside the area.
Substitute Brett Ormerod had levelled matters minutes earlier when Roberto Di Matteo's nous looked to have proved enough to settle matters.
The Italian handed Ishmael Miller his first start in 15 injury-plagued months while Robert Koren was also recalled after his late match-winning strike against Sheffield Wednesday in midweek.
And the pair found the net either side of the interval to ensure Albion came from behind after Charlie Adam's 13th league goal of the season had handed Blackpool a sixth-minute lead.
The visitors, who were unchanged from the side which beat Ipswich last weekend, showed they were not to be overawed from the off and duly took an early lead.
David Vaughan laid the ball off to Adam 25 yards out and he fired a superb left-footed shot into the bottom corner.
Adam was allowed to try his luck again within minutes before Vaughan blazed over.
Steven Reid's header was then cleared off the line at the other end in a rip-roaring start to the encounter, before Miller's pace saw him get the better of defender Rob Edwards and reach Chris Brunt's pass and slot through the legs of Matt Gilks.
Albion upped their tempo and steadily imposed themselves as the half wore on and should have made it 2-1 just before the half-hour mark but neither Miller or Reid could capitalise after Jonas Olsson's header came back off a post.
Miller then glanced a header wide before Keith Southern saw his effort tipped around a post by Scott Carson to ensure it remained level at the break.
After a two-and-a-half-year injury nightmare, Barnes was introduced at the break to make his second successive substitute appearance in place of the recently returned James Morrison.
Koren blazed over from 25 yards with Brunt in a good position after 52 minutes but the Slovenia captain made no mistake 80 seconds later from almost the same position.
An exhausted Miller made way on the hour mark before Blackpool, who had hardly posed a threat since their blistering start, started to regain a foothold in the game.
And they were rewarded with a 72nd-minute equaliser as Ormerod crashed a header off the underside of the bar from Adam's cross.
But Dorrans was again to prove the scourge of the Tangerines as he slotted home the decisive penalty in controversial circumstances to extend the visitors' 46-year wait for victory at The Hawthorns.