Giovani dos Santos scored a last-gasp penalty to rescue a point for Ipswich and effectively put an end to Bristol City's slim hopes of a play-off place.
The game came to life when Marvin Elliott swept in Michael McIndoe's cross to give the Robins the lead.
Nicky Maynard almost extended that lead but the momentum turned when Giovani, on loan from Spurs, was introduced.
The Mexican came close with a long-ranger before equalising from the spot after Peter Styvar fouled Ivan Campo.
Bristol City manager Gary Johnson told BBC Radio Bristol:
"It was a cruel finish. Very disappointing [to concede a last minute penalty] as 1-0 would probably have been about right for two teams that had already played two days previous.
"We were a bit flat as a team and a bit flat as a crowd. Some were trying to rally the troops but it wasn't happening.
"Stephen Henderson came in did really well of course. Really disappointed with your goalkeeper [Basso] going down when there's a lot of tired legs with two games being played in the last three days."
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