Peter Whittingham's penalty rescued a point for Cardiff City after former Bluebird Michael Chopra had threatened to come back to haunt his former side.
Cardiff's early dominance was rewarded when Rudy Gestede's flicked header found the bottom corner.
Jason Scotland soon replied with a 22-yard drive and then Chopra headed the visitors ahead early after the break.
Whittingham held his nerve from the spot after a handball before Gestede failed to score after running clear.
The French striker's chance to snatch victory came 10 minutes from time, but his unconvincing shot was easily saved by Ipswich goalkeeper David Stockdale.
Cardiff worthy of point - Mackay
Cardiff's response to going behind will have pleased manager Malky Mackay, while Paul Jewell will take heart from another fine display that gives them an 11th point from a possible 15.
And it was the visitors who were first to threaten at Cardiff City Stadium as Scotland forced goalkeeper David Marshall into action.
The striker then came within inches of connecting to a low cross from Carlos Edwards, who proved to be a constant thorn in Cardiff's side down Ipswich's right flank.
But Cardiff recovered to find their rhythm and Gustede's opener after 19 minutes arrived as the home side began to dictate play.
Aron Gunnarsson hurled his long throw towards the Ipswich front post, and with Ben Turner occupying the two Ipswich centre-backs, Gestede timed his run to perfection behind the crowd to flick the ball across the face of goal.
Chopra's header put Ipswich ahead on 51 minutes
The goal sparked Jewell's side into life and they needed just over 10 minutes to equalise.
Scotland found space between the Cardiff midfield and defence, and the former Swansea striker needed no second invitation to unleash a fierce low left-foot effort.
Chopra, who left Cardiff for Ipswich for £1.5m over the summer, came within inches to putting the visitors ahead just before the break as Cardiff hung on under heavy pressure.
The Ipswich dominance continued early in the second half as Grant Leadbitter forced Marshall to save well and then Scotland shot narrowly wide.
But the deserved goal duly arrived as Chopra peeled off at the far post to head in Edwards' deep cross on 51 minutes.
The roles were then reversed as it was Cardiff's turn to respond to falling behind.
Referee Dean Whitestone had already waved away one appeal for handball in the Ipswich box, but after much deliberation with his assistant, he pointed to the spot with 18 minutes remaining.
Stockdale went the right way as he dived to his left, but Whittingham's clean strike flew above his outstretched hands.
Another Cardiff penalty appeal was refused when Kevin McNaughton fell in the box and then Stockdale came to his side's rescue when Gestede failed to capitalise on a clear opening.
Full Time The final whistle goes and the game is over.
Free kick awarded for an unfair challenge on Ben Turner by Nathan Ellington. David Marshall restarts play with the free kick.
Carlos Edwards takes the chance to get an effort at goal. Andrew Taylor gets a block in. Corner taken by Jimmy Bullard from the left by-line, Header from deep inside the area by Ibrahima Sonko goes over the bar.
Danny Collins takes the free kick.
Booking Caution for Kevin McNaughton.
Kevin McNaughton challenges Jay Emmanuel-Thomas unfairly and gives away a free kick.
Shot from 20 yards by Peter Whittingham. Danny Collins gets a block in. Corner from the right by-line taken by Peter Whittingham, save by David Stockdale.
Filip Kiss gives away a free kick for an unfair challenge on Keith Andrews. Direct free kick taken by Jimmy Bullard. Shot from outside the area by Keith Andrews misses to the left of the goal.
Don Cowie takes a shot. Save by David Stockdale.
Substitution Lee Bowyer leaves the field to be replaced by Reece Wabara.
Aron Gunnarsson takes a shot. Blocked by Keith Andrews. Corner taken right-footed by Don Cowie, save by David Stockdale. Shot from just outside the penalty box by Peter Whittingham misses to the left of the target.
Rudy Gestede takes a shot. Save by David Stockdale.
Rudy Gestede heads at goal, save made by David Stockdale.
Shot comes in from Don Cowie from the free kick.
Substitution Jay Emmanuel-Thomas comes on in place of Michael Chopra.
Booking The referee shows Ibrahima Sonko a yellow card.
Free kick awarded for a foul by Ibrahima Sonko on Filip Kiss.
Kevin McNaughton gives away a free kick for an unfair challenge on Lee Bowyer. Jimmy Bullard takes the free kick.
Substitution Joe Mason replaces Robert Earnshaw.
Substitution Jason Scotland goes off and Nathan Ellington comes on.
71:57 Goal scored
Goal - Peter Whittingham - Cardiff 2 - 2 Ipswich Placed penalty scored by Peter Whittingham. Cardiff 2-2 Ipswich.
The referee penalises Aaron Cresswell for handball.
Inswinging corner taken right-footed by Don Cowie from the left by-line, save made by David Stockdale.
Jimmy Bullard has an effort at goal from just outside the area which goes wide of the left-hand post.
Jason Scotland takes a shot. Save made by David Stockdale.
Corner taken by Don Cowie from the left by-line, Carlos Edwards fouled by Ben Turner, the ref awards a free kick. David Stockdale restarts play with the free kick.
Inswinging corner taken left-footed by Peter Whittingham, Filip Kiss takes a shot. David Stockdale makes a save.
The offside flag is raised against Michael Chopra. David Marshall restarts play with the free kick.
Free kick awarded for an unfair challenge on Jason Scotland by Mark Hudson. Free kick taken by Jason Scotland.
Effort from the edge of the area by Don Cowie goes wide of the right-hand post. Lee Bowyer concedes a free kick for a foul on Aron Gunnarsson. Free kick taken by David Marshall.
Unfair challenge on Grant Leadbitter by Ben Turner results in a free kick. Free kick crossed left-footed by Aaron Cresswell from right wing.
Jason Scotland fouled by Ben Turner, the ref awards a free kick. Jimmy Bullard takes the direct free kick.
Substitution Craig Conway leaves the field to be replaced by Filip Kiss.
The assist for the goal came from Carlos Edwards.
50:25 Goal scored
Goal - Michael Chopra - Cardiff 1 - 2 Ipswich Michael Chopra grabs a headed goal from close range. Cardiff 1-2 Ipswich.
Jason Scotland takes a shot from just inside the penalty box which clears the bar.
Shot from just outside the area by Aaron Cresswell misses to the left of the target.
Grant Leadbitter takes a shot. Save by David Marshall. Inswinging corner taken from the left by-line by Jimmy Bullard, clearance made by Rudy Gestede.
The match restarts for the second half.
45:00 +2:19 Half time
Half Time The whistle is blown to end the first half.
David Marshall takes the free kick.
45:00 +1:14 Booking
Booking Booking for Aron Gunnarsson for unsporting behaviour.
The assistant referee signals for offside against Michael Chopra.
Corner taken by Jimmy Bullard played to the near post, Aron Gunnarsson manages to make a clearance.
Foul by Craig Conway on Carlos Edwards, free kick awarded. Carlos Edwards takes the direct free kick.
Michael Chopra has an effort at goal from deep inside the area missing to the right of the goal.
Jason Scotland is ruled offside. David Marshall takes the indirect free kick.
Foul by Robert Earnshaw on Danny Collins, free kick awarded. Jimmy Bullard takes the direct free kick.
Corner taken by Don Cowie, Aaron Cresswell makes a clearance.
Effort from outside the penalty box by Keith Andrews goes wide right of the goal.
Rudy Gestede is ruled offside. Free kick taken by Danny Collins.
Corner taken left-footed by Peter Whittingham from the right by-line, save by David Stockdale.
Carlos Edwards provided the assist for the goal.
29:54 Goal scored
Goal - Jason Scotland - Cardiff 1 - 1 Ipswich Jason Scotland scores a goal from just outside the area to the bottom left corner of the goal. Cardiff 1-1 Ipswich.
The assistant referee flags for offside against Robert Earnshaw. Free kick taken by David Stockdale.
Jimmy Bullard decides to take a short corner. Aaron Cresswell takes a shot. Blocked by Craig Conway.
Inswinging corner taken left-footed by Peter Whittingham from the right by-line, Danny Collins makes a clearance. Short corner worked by Don Cowie.
Unfair challenge on Danny Collins by Rudy Gestede results in a free kick. Direct free kick taken by Danny Collins.
The referee blows for offside against Robert Earnshaw. Indirect free kick taken by David Stockdale.
Corner taken by Jimmy Bullard from the left by-line, save by David Marshall.
The assist for the goal came from Aron Gunnarsson.
18:29 Goal scored
Goal - Rudy Gestede - Cardiff 1 - 0 Ipswich Rudy Gestede scores a headed goal from close in. Cardiff 1-0 Ipswich.
Michael Chopra is ruled offside. David Marshall takes the free kick.
David Marshall takes the free kick.
Booking Keith Andrews goes into the referee's book for unsporting behaviour.
Keith Andrews gives away a free kick for an unfair challenge on Andrew Taylor.
Shot by Keith Andrews. Blocked by Ben Turner. Carlos Edwards produces a right-footed shot from the edge of the box and misses to the right of the target.
Inswinging corner taken from the left by-line by Craig Conway, save by David Stockdale.
Shot by Robert Earnshaw. David Stockdale makes a save.
Don Cowie gives away a free kick for an unfair challenge on Grant Leadbitter. Direct free kick taken by Jimmy Bullard.
Robert Earnshaw produces a right-footed shot from deep inside the penalty area which goes wide of the right-hand post.
Carlos Edwards produces a right-footed shot from the edge of the box and misses to the left of the goal.
Jason Scotland takes a shot. Save by David Marshall.
Free kick awarded for a foul by Rudy Gestede on Lee Bowyer. Free kick taken by Aaron Cresswell.
The ref blows the whistle to start the match.
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