Twinkle-toed Aaron Ramsey set up Cardiff's opener for Gavin Rae, but Town's own 17-year-old starlet, Jordan Rhodes, came off the bench to level with his first senior goal.
Both sides had chances to win it, particularly Ipswich, but in the end a draw was probably a fair result.
The game got off to a surprisingly slow start before Ipswich finally upped the pace as Jason De Vos headed an Alan Quinn cross into the side-netting, and then both Gary Roberts and Danny Haynes had shots blocked.
Ramsey sent a 30-yard effort well wide and then curled a 20-yard free-kick not far off target.
His next impact was a telling one as he pounced on a Danny Simpson error to cross with the outside of his right boot to give Rae a tap-in.
Ipswich sent on Rhodes, who has over 40 goals at youth and reserve level this season, at half-time and this helped the hosts raise their tempo.
Owen Garvan fired over for Ipswich before both Riccardo Scimeca and Rae volleyed well over in Cardiff breakaways.
Peter Enckelman saved a low Quinn drive before Haynes cut in from the right only to dragg his shot wide.
Town equalised on 74 minutes when Garvan's cross was deflected to Quinn, whose shot also deflected into the path of Rhodes who coolly slotted home.
Alex Bruce had a header cleared off the line and Garvan shot just wide as Ipswich pressed for a winner.
Cardiff substitute Peter Whittingham shot inches wide for the visitors before Town thought they had won the game in the last minute.
Haynes smashed home a superb volley from 14 yards only to see his effort controversially ruled out for a push as the match ended all-square.