Darren Currie curled Town ahead from a first-half free-kick - his first goal since October - but Leon Cort capitalised on some slack Blues defensive work to nod the visitors level.
Town hit the woodwork twice, had one effort cleared off the line and Boaz Myhill in the Hull goal made two fine late saves as the Tigers somehow managed to hang on for a fortunate point.
Hull made the better start with Kevin Ellison feeding Stuart Green who blazed his volley well wide, before Myhill blocked Alan Lee's toe-poke and then beat away Matt Richards' follow-up.
Ian Westlake almost touched in a Scott Barron near-post cross before Jim Magilton found Lee who turned well but his shot lacked the power to trouble Myhill.
Town went ahead on 23 minutes when Green felled Westlake and Currie's free-kick from 30 yards way out on the left flank beat everyone and ended up in the net.
It prompted a determined response from Hull, who made three good chances in the next three minutes - Green shooting over from a Keith Andrews pass, Andrews volleying wide from a corner and Jon Parkin then racing on to a Billy Paynter flick only to shoot into the side-netting.
Town started the second half anxious to kill off the game, and nearly did on 48 minutes when Currie's 25-yard curling free-kick beat Myhill but bounced back off the crossbar.
Against the run of play, Hull levelled on 56 minutes. Andy Dawson and Green worked a one-two at a corner when Town only sent Luis Castro Sito out to defend and Green had time to measure his cross to the far post, where Cort rose highest to nod home.
The point does little for Ipswich's play-off prospects, but the fact they couldn't kill off a Hull team they dominated illustrates why they aren't higher up the table, while the visitors have now surely done enough to be safe in this division for another season.