Atdhe Nuhiu scored deep in injury time to deny Ipswich three precious points at Portman Road as they had to settle for a 2-2 draw.
Ipswich were on course for a win after goals from Joe Garner (48) and Martyn Waghorn (70) had put them in charge after Gary Hooper had equalised with a penalty for the visitors after 64 minutes.
Substitute Nuhiu grabbed a late leveller to earn Wednesday a share of the spoils.
Middlesbrough moved back into the Championship play-off places as Britt Assombalonga's first-half double secured a routine 2-0 win over Birmingham City.