Wales international striker Eastwood has now struck in each of his last four games for club and country - scoring five goals in the process.
After Gary Taylor-Fletcher had given Blackpool a 51st minute lead, Eastwood fired Wolves level in the 69th minute and sealed their victory eight minutes later.
He collected a pass from Andy Keogh before drilling home the equaliser from 20 yards.
It was rough justice on Blackpool, who had controlled the game until Eastwood struck.
Blackpool took a deserved lead through Taylor-Fletcher's first goal for the club.
Taylor-Fletcher, who cost £95,000 from Huddersfield earlier in the summer, ghosted on to a cross-field ball from David Fox before drilling home at the far post.
But Blackpool were left to reflect on what might have been as they should have been well in control of affairs by half-time after dominating the first 45 minutes thanks in no small part to the efforts of Taylor-Fletcher and Wes Hoolahan.
Hoolahan then took control of affairs - firing just over the bar after a mazy run before setting up a great chance for Fox in the 28th minute.
Fox sliced his effort wide but the ball then flew to Ben Burgess whose own near-post shot flashed across the face of goal.
Wolves only came to life once in the opening period seven minutes before the break when Eastwood missed the target from six yards after Rachubka blocked Keogh's initial shot.