Paulo Counago earned a point for Ipswich with a second-half header after Steve Watson had put Sheffield Wednesday in front.
Watson had shot wide and then snatched at a close-range chance but he scored with his left foot after the break from Jermaine Johnson's cross.
Owls keeper Lee Grant then brilliantly denied Danny Haynes 18-yard effort.
But Grant could only parry Gareth McAuley's header and Counago was on hand to convert from six yards.
Ipswich Town boss Jim Magilton: "It's most definitely a case of two points dropped.
"I was disappointed with the manner in which they scored but pleased to get back in the game.
"The first half was entertaining and we were expressive. We showed a real desire to go and win the game and created some wonderful opportunities.
"If I was being over-critical, we could have done better in the final third. We didn't have enough quality in terms of the our final ball.
"But at half-time it was all about re-affirming our belief - I really thought we would go on to win the game. However, we made a poor start to the second half and got punished by conceding a goal.
Sheffield Wednesday manager Brian Laws:
"I said to the players we deserved a draw, but there was also a tinge of disappointment that we didn't win.
"Goals change games and the second was always going to be the most important.
"We had two magnificent opportunities to win, both through Jermaine (Johnson). But his decision-making let us down both times and they were probably the simplest chances of the afternoon for either team.
"That's two defeats in nine league games and we're getting stronger. We've turned a corner and we've got some good young players coming through.
"They've given every ounce of blood for us and there's a freshness about the club and an air of confidence. We're positive for the future."
Ipswich: Richard Wright, Bruce, Campo (Volz 59), McAuley, Thatcher, Haynes, Norris, Miller (Garvan 78), Walters, Lisbie (Stead 67), Counago. Subs Not Used: Supple, Quinn.
E-mail this to a friend 
Printable version 
Bookmark with:
What are these?