SUB Atdhe Nuhiu rescued a point for Wednesday deep into stoppage time.
The giant Kosovan nodded in at the far post in the 94th minute from Adam Reach’s cross.
Until then it seemed the Tractor Boys were set to grab all three points.
Martyn Waghorn’s ninth goal in just 12 starts since a summer move from Rangers looked like deciding matters after 70 minutes.
Until the late equaliser, Wednesday had only one effort on target throughout — and that was the penalty converted by Gary Hooper to cancel out Joe Garner’s 48th-minute opener for Ipswich.
It was Wednesday’s first penalty in 34 games.
Waghorn and Garner, both signed from Rangers, have now netted 14 times between them.
Garner’s goal had come when Jordan Spence flicked the ball on to the far post and the striker was lurking to volley into the net from close range.
But it was Spence who handled the ball to give Hooper the chance to lash in the penalty.
Another Town summer buy, Emyr Huws, played a key role in his injury-delayed debut for Ipswich.
Within three minutes of coming off the bench he set up the unmarked Waghorn to head home.
It looked over until Nuhiu popped up to record his first goal in 43 appearances for the Owls.
