The Foxes' defending from set-pieces was their downfall in the first period as Ebanks-Blake (13) and Stearman (21) both benefited from lackadaisical marking inside the first quarter of the match.
To their credit, the visitors probed diligently for a way back into the all-midlands affair and found one courtesy of Paul Konchesky's magnificent 70th minute long-range shot.
They should have claimed a point when substitute Martin Waghorn struck the post from inside the area with 11 minutes remaining.
Victory was only Wolves' second in 18 league encounters following relegation from the Premier League last season, while Leicester have now lost all three outings on their travels this term.
Wolves midfielder Tongo Doumbia and Konchesky set the tone with robust challenges that surprisingly escaped punishment from referee Stuart Attwell.
Leicester's first opening of the match fell to Andy King and Wolves had a sprawled Stearman to thank for turning his close-range effort behind.
The hosts were ahead shortly afterwards when Ebanks-Blake drifted into space at the far post to nod home Bakary Sako's free-kick.
In the 20th minute Foxes defender Liam Moore ceded possession to Kevin Doyle and the Republic of Ireland international cut in to fire goalwards from 20 yards, drawing a splendid save from Kasper Schmeichel at full stretch.
From the resulting corner Leicester's marking left much to be desired once more, with Ritchie de Laet the main culprit as Stearman smashed home via a touch from Schmeichel and the underside of the bar.
England Under-21 international Ben Marshall almost hit back for City after the half hour, firing goalwards to draw a save from Carl Ikeme that mirrored that of his counterpart from Doyle.
Doyle was thwarted first by Schmeichel and then by Foxes defender Wes Morgan after being played in down the left channel by strike partner Ebanks-Blake, but David Nugent might have pulled a goal back a minute before half time when he latched on to Lloyd Dyer's throughball and slashed wide.
Nugent was off target once more as the hour approached, miscuing a header from De Laet's right-wing cross before Nigel Pearson's men reduced the arrears in spectacular fashion.
There seemed to be little danger when Konchesky received the ball 30 yards from goal and lashed an unstoppable drive into the top corner.
The game developed an end-to-end feel as Wolves subscribed to the idea that the best way to protect their advantage was by extending it.
In the 77th minute Nugent nodded back across goal and agonisingly wide as the enterprising De Laet found joy down the Wolves left once more.
They came even closer moments later when substitute Waghorn collected a pass from fellow sub Anthony Knockaert to drill against the foot of the post.
