Andre Dozzell denied Wednesday all three points as the Ipswich substitute cancelled out Fernando Forestieri’s 15th goal of the season.
The Tractor Boys’ midfielder made a telling impact, equalising having entered the fray for the second half.
Before the break, the effervescent Forestieri put the Owls in the lead but despite asking more of the questions, Wednesday were pegged back by a resolute showing from Ipswich.
An open start to the contest saw chances at both ends, with Freddie Sears forcing Keiren Westwood into early action before Daniel Pudil headed a Ross Wallace corner over the crossbar.
Lucas Joao then rolled the ball agonisingly wide after Kieran Lee skilfully pulled a Westwood punt out of the sky.
Joao went closer still moments later, this time advancing on goal from a delightful Daniel Pudil feed only to be denied by Bartosz Bialkowski.
Tom Lees was inches off target with a close range header on the half-hour mark as Wednesday dominated and Barry Bannan dragged past the post following good work from Joao.
A goal was coming – and it duly arrived four minutes before half time.
Wallace crossed from the left, the ball deflected kindly off Joao and into the path of Forestieri, who swivelled to smash emphatically past Bialkowski.
That was the platform the Owls required and they emerged for the second period in dominant mood.
One flowing move in particular caught the eye on the hour when Bannan shot straight at a grateful Bialkowski following some terrific approach play with Forestieri at the heart.
But while the lead was only 1-0, danger lay in an Ipswich counter, and the visitors struck on 70 minutes.
Kevin Bru sent a perfect cross into the six-yard box and Dozzell nodded past Westwood.
The leveller served to inspire Wednesday, who upped the ante and Bialkowski saved well from Joao low at the near post.
It was one-way traffic for the closing stages and Carlos Carvalhal threw on both Gary Hooper and Atdhe Nuhiu in search of a winner that never arrived - Wallace twice went close - but in the bigger picture, another point was posted in the chase for promotion.
Wednesday: Westwood, Hunt, Loovens, Lees, Pudil, Wallace, Bannan, Lopez (Hooper 76), Lee, Joao (Nuhiu 83), Forestieri