Facing the club who he parted company with during the summer, Holloway saw his new charges dominate the game after going behind to a 16th-minute Dexter Blackstock goal for visiting QPR.
Blackstock, who had a loan spell at Argyle two seasons ago, latched on to a tremendous through-ball from midfielder Lee Cook to score through the legs of goalkeeper Luke McCormick.
The Pilgrims then threw everything at Rangers but, although Ebanks-Blake leveled on the half-hour, they could not give Holloway his first home win at the fourth time of asking.
Ebanks-Blake latched on to Paul Connolly's pass to take the ball past central defender Zesh Rehman and goalkeeper Paul Jones and curl the ball home.
Ebanks-Blake's goal totally changed the game and, after that, the play belonged entirely to the home side, but Rangers kept their shape, got behind the ball and frustrated the Pilgrims.
Veteran striker Barry Hayle and Ebanks-Blake terrorised the Rangers' defence, the latter's rampaging down the right nearly setting up the former for a tap-in.
Hungarian playmaker Akos Buzsaky, making his first start of the season, went close with a decent drive following a run that totally baffled Rangers' Italian left-back Mauro Milanese.
Lee Hodges sent in a swinging cross that was only a few inches too high for Ebanks-Blake to apply a meaningful header and then David Norris played in Ebanks-Blake for an apparently free run on goal, but Rehman snuffed out the threat.
Norris was then denied by centre-back Damion Stewart before the Argyle midfielder set up Ebanks-Blake for another header that flew over the crossbar.
The only Rangers attack of the second half came when they worked the ball forward to great Dane Marc Nygaard for a shot which McCormick saved well at the foot of his post.