Second-half goals from Stern John and David Norris were separated by just four minutes as neither side were able to take advantage of some slack defending.
On a cold spring afternoon it was the away side that started the better and Norris had the first opportunity after a mix up the Saints defence, but he was unable to take the ball in his stride.
Yet another defensive mix-up almost gifted Pablo Counago a chance, but his mis-hit shot was comfortably saved by Kelvin Davis.
However, as the half wore on the home side came more into the game but couldn't break down their visiting rearguard.
They forced the best chance of the half when a John shot hit his own player, Marek Saganowski, and the ball rebounded away to safety.
However, Southampton were unable to push on as the Tractor Boys kept them at bay for the remainder of the half and in the break both teams knew an improvement was greatly needed.
As the second half began within seconds Ipswich had a Norris effort turned round the post by former Ipswich keeper Davies.
However, it wasn't long since the Saints took the lead.
A long ball forward by Jhon Viafara was allowed to bounce inside the penalty area before John turned and fired it into the top corner beyond Stephen Bywater.
But the Saints' joy was shortlived as moments later Norris was allowed in behind the defence and fired low past Davies after good work from frontman Alan Lee.
Further chances fell to both Inigo Idiakez and Lee himself, but neither were unable to convert and both teams were left to rue missed chances as the game ended in a draw.