Ipswich should have won in it injury-time but when Darren Bent set up a simple chance for Darren Currie the substitute amazingly side-footed wide.
In an eventful start, Ipswich took an 11th minute lead when Finland international Shefki Kuqi latched on to a knock-down, turned Gary Kelly inside out and wrong-footed keeper Neil Sullivan with a neat finish from 12 yards.
Leeds were level within a minute. The ball was played out to Frazer Richardson on the right and his measured cross was nodded in on the run by Matthew Spring for his first competitive goal for the club, on his first start since Boxing Day.
Leeds left out Seth Johnson because they are due to pay Derby £250,000 when he plays his next game.
Ipswich brought in Wales Under-21 goalkeeper Lewis Price in place of Kelvin Davis, whose wife gave birth to a son on the morning of the game. Jim Magilton and Pablo Counago replaced Ian Westlake and Currie.
Town should have regained the lead after 31 minutes when skipper Magilton played a perfect pass through to Kuqi who completely miscued with only Sullivan to beat.
Leeds felt they should have had a 51st-minute penalty when Michael Gray took a return pass from Rod Hulse and then fell under Jason De Vos' challenge but the referee was unimpressed.
Matthew Kilgallon was especially impressive in the Leeds defence and he made a vital sliding tackle on Bent to keep Leeds level.
Leeds substitute Simon Walton lasted just two minutes before pulling a muscle and being replaced by former Ipswich midfielder Jermaine Wright.
Then Rob Hulse was inches away for Leeds with a sizzling 25-yard effort before Currie's costly miss.