Ipswich remain five points clear of fellow strugglers Bristol City after coming from behind at Portman Road.
On-loan midfielder Neil Danns gave the visitors the lead when he fired a low shot home from the edge of the box for his second goal of the season.
The lead only lasted 21 minutes, however, as Tommy Miller hooked home from Lee Martin's corner.
Michael Chopra went close to scoring a winner for the hosts, who are three points above the relegation zone.
City were looking for back-to-back victories on the road and debutant Paul Anderson had a shot blocked by Smith.
It was no real surprise when Derek McInnes's side took the lead in the 11th minute, with Danns taking advantage after Ipswich had failed to clear the danger.
Tom Heaton preserved the lead when he made a fine save from DJ Campbell, before the Tractor Boys equalised in the 32nd minute through Miller.
Both sides had chances in the second half, with Albert Adomah and Danns going close for the Robins.
However, Ipswich could also have won when Chopra's drilled effort was kept out by Heaton.
Ipswich Town manager Mick McCarthy : "I was happy to take a point from a game we could have lost, to not lose twice on the bounce and not to crumble when we could have done.
"In terms of performance, it was nowhere near as well as we played against Nottingham Forest or Millwall.
"But these are the hardest games.
"Expectations are higher when you play teams around you but, as today's results prove, this league is bonkers and it will be that way until the end."
Bristol City manager Derek McInnes: "I'm frustrated not to get three points because I thought we were by far the better team.
"When you play that well and create chances, you hope to win.
"We dominated the first half, although the second was more even, and played with a confidence.
"There was a concentration and focus about us, which is especially important in away matches."
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