Chasing Hobart's 6-178, the Strikers were left reeling at 4-8 after Meredith and Ellis took two scalps each in the space of 12 deliveries at Ninja Stadium on Friday night.
Short on wickets this season, Meredith (2-16) had Adelaide skipper Matthew Short (two) caught at cover, before bowling Mackenzie Harvey for a duck two balls later.
Ellis (2-7) came to the party in the next over, getting rid of the dangerous Chris Lynn after a successful review for caught behind, then also accounting for Jason Sangha.
Liam Scott played a lone hand for the Strikers with an career-best 91no from 58 balls as his side finished on 9-141. Only one of his teammates made it to double figures.
Champions Hobart (6-2) have now pulled two wins clear at the top of the table with finals looming.
"Riley has bowled really well this season and potentially hasn't had the rewards he deserved," Ellis said.
"It feels like we're trending in the right direction towards the end of the tournament."
The Hurricanes will have Test players Jake Weatherald and Beau Webster available for selection against the Sixers on Sunday.
"We'll see where they're at. There's no pressure from me. We're fortunate to be in a pretty good position," Ellis said.
"If they need a break, they can have it, but if they're ready to go, we want them."
Fifth-placed Adelaide's hopes of making the top-four have taken a hit, with three regular season games to play.
After being sent in, the Hurricanes came flying out of the blocks on the back of a stunning 33 off nine balls by Mitch Owen.
The opener, who has only reached double figures four times this season, hit two fours and four sixes before being caught in the deep in the third over off quick Luke Wood.
Hobart passed 50 in the third over, before Adelaide pulled back the run-rate with their spinners.
Paceman Jamie Overton took the big scalps of Nikhil Chaudhary (23 from 17) and Ben McDermott (18 from 23) in the 14th over.
South African tweaker Tabraiz Shamsi finished with 1-19 from four overs, including a second-last over that went for just five runs.
Rehan Ahmed (29 from 17) had some moments early for the Hurricanes, and veteran Matthew Wade hit 27 from 19 at the back end.
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