The points were shared at the City Ground but Paul Hart's Nottingham Forest side have now not won for seven matches.
It looked so promising for the home side as early as the second minute. Mathieu Louis-Jean was clean through but his shot produced a point-blank save from Ipswich keeper Kelvin Davis.
New boy Marlon King went close to opening his account on 15 minutes when he was unmarked on the edge of the box but his shot sailed just over the bar.
Paul Hart was annoyed as his side were denied a clear-cut penalty two minutes later.
Gareth Taylor headed into a crowded box, King took it up, and his shot looked to have hit not one but two hands in the visitors' box.
In the 19th minute Andy Reid collected the ball, flicked it over his shoulder, turned and shot all in one movement.
The home side were pressing for the opener and Gareth Williams tested the keeper from 30 yards but Davis was equal to the shot.
On 40 minutes Gregor Robertson then tried his luck from 35 yards but the teams went in 0-0 at half time.
The second half was just as frantic with the visitors having more of the play.
Darren Bent opened the scoring for Town in the 62nd minute. Jermaine Wright's shot hit the crossbar and Bent followed up to score from close range.
Davis kept his side ahead three minutes later when he denied Williams with another world-class save.
He was eventually beaten on 67 minutes when Reid curled a peach of a cross to Wes Morgan who beat the keeper.