The environmental watchdog said it received a large number of complaints to its pollution hotline after a fault caused high-pressure steam venting.
The noise stopped when the fault, which took several hours to investigate, was fixed at about 23.00.
Sepa said its inspectors would be following up the incident with Ineos.
Scott Cumming, 42, who lives in Linlithgow, about seven miles away from the site, said: "It was a bit like the noise from an aircraft landing or taking off.
"It went on for literally hours. I wrote an email to Ineos asking if they could give an explanation but I haven't had a reply from them."
A post on the Sepa Facebook page read: "We're aware of a very loud noise in Grangemouth last night, which caused significant disturbance and public complaints in the wider area.
"This was caused by high pressure steam venting from the Ineos Power Station at Grangemouth, due to a fault.
"It took a numbers of hours to investigate and correct. The noise ceased when it was corrected at 11pm.
"We'll be following the incident up with Ineos."

More than 200 pupils at St George's Preparatory School in Jersey were due to have a day at the beach in July.
But after hearing a health department warning about skin cancer on the island, headmaster Colin Moore said the school would be organising "a less exposed alternative event".
Mr Moore said "the children's health must take priority".
He said the decision was made with "considerable regret".
"I'm not suggesting we shouldn't go to the beach... but I think there is a big difference between taking your family to the beach and 210 or 220 children."
He said the school may "resurrect" its visit to the beach in future years if adequate shading is available.
The average Jersey temperature in July is 14C to 20C, compared with 11C to 19C in the UK, according to the Met Office.
Too much sunshine was also blamed for the closure of an outdoor swimming pool in Cornwall because lifeguards were unable to clearly see the bottom of the pool after the weather helped create an algal bloom.
Noise from the Ineos petrochemical site in Grangemouth caused "significant disturbance" to the public on Tuesday night, according to Sepa.
[NEXT_CONCEPT]
A school's annual beach day has been scrapped over concerns about the dangers of midday sunshine.