Goals for Michael Smith and George Byers sent the travelling Wednesdayites into raptures before free kicks from Nathan Broadhead and Leif Davis earned the Tractor Boys a point.
The Owls did well to close the game out and take the sting out of it with Ipswich coming on strong in the second half.
It means Wednesday have ceded top spot back to Plymouth Argyle – though they have a game in hand on the teams directly around them.
Here are our ratings from a ding-dong battle in Suffolk.
1. File that one under 'a good point'..
.. though they were a couple up, Wednesday gave away a decent amount of territory against an Ipswich side that were playing like a side that desperately needed to win. A point they'll be satisfied, you'd think. Here are our ratings.. Photo: UGC / Steve Ellis
2. Cameron Dawson - 8
His penalty-saving record is getting a bit silly at this stage and though it was straight down the middle, it was well-struck and took some saving - that goes in and the mountain is a steep one. Little he could do for the two goals - and offered a strong hand to deny Burns' cross-shot after the hour. Two goals conceded but no slight. Photo: UGC/Steve Ellis
3. Dominic Iorfa - 6
Interesting to see him switch in and out of position with Palmer early doors. Gave away the free-kick with a foul - from first glance - he could perhaps have got his body in a better position for. Some important interventions but up and down throughout. Photo: UGC/Steve Ellis
4. Aden Flint - 6
Strong in the air as ever it must be like going up against a phonebox with legs - in a really good way. A little slow on the turn on occasion with players running at him, but laid on some important 'meat and drink' defending with some vital blocks. Photo: UCG