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.
It means Wednesday have ceded top spot back to Plymouth Argyle – though they have a game in hand on the teams directly around them.