Jay Emmanuel-Thomas's equaliser denied Birmingham the chance to confirm their Championship play-off place.
Chris Burke gave Chris Hughton's side the lead just before the break with a fine finish from outside the area.
But Emmanuel-Thomas, who had hit the bar earlier, produced a close-range finish late on to earn a point for Paul Jewell's team.
Birmingham are four points above seventh-placed Middlesbrough with two games left.
The hosts dominated the opening period and should have taken the lead when Daryl Murphy lifted his shot well over from just a few yards out.
But Birmingham took the lead before the break when Burke found the bottom corner from just outside the area for his 14th of the season.
After Michael Chopra headed over from a decent opening, substitute Emmanuel-Thomas thumped a shot onto the bar from distance.
But he earned his team a point when he touched in from a Carlos Edwards cross.
Ipswich 12 Lee-Barrett 03 Cresswell 05 Delaney 20 Smith 06 Leadbitter 07 Edwards 11 Martin 17 Drury 10 Chopra 14 Scotland (Emmanuel-Thomas - 64' ) 27 Murphy Substitutes 31 Sonko 08 Bowyer 09 Emmanuel-Thomas 16 Stevenson 19 Hyam Birmingham 13 Doyle 03 Murphy 04 Caldwell (Pablo - 35' ) 06 Ramage 24 Davies 07 Burke 11 Townsend (Redmond - 77' ) 14 Gomis Booked 15 Elliott 09 King 19 Zigic (Rooney - 87' ) Substitutes 26 Butland 05 Pablo 10 Huseklepp 22 Redmond 17 Rooney