Wednesday let slip a 2-0 lead as Ipswich hit back to share the spoils in this ding-dong promotion encounter.
After Cameron Dawson kept out Conor Chaplin’s penalty, Michael Smith and George Byers gave the visitors a firm foundation.
Town halved the deficit just before half time, though, wiped it out just after the resumption and finished the stronger but without snatching a decisive third goal.
A cagey opening gave no clue to the drama that would follow and more than 10 minutes had gone before the first shot when Smith turned in the box and blazed over.
But the contest burst into life on the 20-minute mark when Town were awarded a penalty in controversial fashion.
Marvin Johnson and Wes Burns tussled in the box and after a flag was raised and consultation between the referee and his assistant, the spot-kick was given.
Chaplin stepped up and Dawson went the right way to save and keep the score goalless.
But that changed on 28 minutes when Wednesday hit the front. A neat four-man move ended with Smith expertly glancing Josh Windass’ cross past the despairing Christian Walton.
And six minutes later, the lead was doubled. Ipswich failed to deal with a Windass knockdown and Byers was in the right place at the right time to slot the loose ball home.
Smith was again at the heart of the action moments after the restart, rounding Walton just outside the area but the striker’s touch proved too heavy and the chance was gone.
Then four minutes before the break, the hosts hauled themselves back into the game. Broadhead lined up a set piece 20 yards out and curled a superb shot right into the top corner and out of the diving Dawson’s reach.
And Ipswich started the second half as they ended the first, levelling three minutes in with another free kick.
Davis thundered a fierce shot on the angle this time that took a slight deflection and flew into the back of the net.
The Tractor Boys’ tails were up and Chaplin might have made amends for his penalty miss with a free header gratefully gathered by Dawson.
The Owls struggled to break from their own half but looked dangerous when they did – Flint powered a rising drive narrowly off target.
Ipswich continued to enjoy more of the possession until the dying embers when Wednesday posed a real threat once more going forward.
But the match stayed level, both sides gain a point in the race for the Championship, with a draw probably the right result.
Wednesday: Dawson, Palmer, Iorfa, Flint, Famewo, Johnson, Vaulks, Bannan (Adeniran 88), Byers, Windass (Dele-Bashiru 74), Smith