According to the ISE 14.1 Release Notes:
14.1 ISE WebPACKu2122 design tools now support Zynq-7000 EPP for the Xilinx Z7010, Z7020, Z7030 parts. Included in WebPACK design tools are the same tools as the Embedded Edition u2013 XPS, SDK, MicroBlaze processor, and the full embedded IP library.
Since ZedBoard has a Z7020 device, 14.1 ISE WebPACK will work. The more advanced editions will also work. Vivado does not currently support Zynq.