By the time former Manchester United man Ebanks-Blake netted an 85th-minute penalty to level Alan Lee's early headed opener, Holloway was well on the way to recovery.
Lee headed home Jon Walters' second-minute cross to give Ipswich the perfect start and their defence remained well on top of Argyle's efforts to draw level.
It all started to unravel for the Blues in the 72nd minute when Dutch defender Fabian Wilnis was sent off by referee Mr Friend.
Wilnis was dismissed for an ugly lunge on David Norris and has now been sent off four times in his career and three of those times have been in matches against Argyle, including the corresponding Home Park fixture last season when Friend was also referee.
It still looked more likely that disciplined Ipswich would keep their 100 per cent start to the Championship season, but, with five minutes left, the Pilgrims were thrown a lifeline.
Friend pointed to the spot after David Wright had tangled with Argyle's Hungarian international left-winger Peter Halmosi.
It seemed a harsh decision but substitute Ebanks-Blake nervelessly stepped up to the plate and, despite having missed his previous penalty effort, drilled a low shot past goalkeeper Neil Alexander.
Ipswich had commanded most of the first half, with Spaniard Pablo Counago proving especially difficult for the Pilgrims to pick up.
In a game of few goalscoring opportunities for either side, the closest Argyle went to scoring from open play was when Rory Fallon drove a loose ball goalwards from 12 yards, only for Alexander to stop the attempt easily.