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The result means the Sky Blues have not beaten their Suffolk rivals in 11 attempts - an unwanted record stretching back to October 1994.
Both goals came in the second half, with on-loan West Ham midfielder Gavin Williams giving Ipswich the lead in the 49th minute only to see it cancelled out by Gary McSheffrey six minutes later.
Coventry started brightly and had the first chance of the game in the fifth minute.
McSheffrey picked up a clearance from Andrew Whing and released Dele Adebola on the right-hand side.
The striker cut inside but saw his goal-bound shot desperately cleared by James McEveley.
From the resulting corner, Stephen Hughes found centre-half Matt Heath but his header was just too high.
Ipswich soon began to settle and started knocking the ball around with neat inter-changes in midfield with captain Jim Magilton at the heart of most moves.
Coventry looked their most dangerous from set pieces and Adebola saw his header from Marcus Hall's free-kick comfortably saved by Wales international Lewis Price.
A mazy 30-yard run past three Coventry defenders by Nicky Forster saw him try and set-up fellow striker Sam Parkin but his pass was scrambled away by James Scowcroft.
Coventry came agonisingly close to breaking the deadlock in the 31st minute when Hughes hit the post.
McSheffrey rolled a free-kick to him and the Sky Blues captain saw his 20-yard curling cross hit the upright and bounce away for a goal-kick.
Ipswich almost snatched the lead in the last minute of the first half as Ian Westlake played in Forster whose shot was parried by Marton Fulop.
Westlake again played in Forster in injury time but this time his shot was narrowly wide of Fulop's right-hand post.
Ipswich took the lead four minutes after the interval after Coventry failed to clear a cross from Town's right.
Whing's header went straight to substitute Matt Richards who cross was turned in by debutant Williams.
But the lead lasted only six minutes as McSheffrey scored his sixth goal of the season in the 56th minute.
Hughes robbed Magilton for possession and then played in McSheffrey who tucked the ball into the bottom right-hand corner.
The goal gave Coventry new belief and four minutes later Adebola was inches away from giving the Sky Blues the lead.
Whing crossed a lovely ball into the box but Coventry's top scorer could not connect with Price beaten.
Both McSheffrey and Ipswich substitute Darren Currie almost won it for their respective sides late on but honours finished even.