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.
Ipswich had the major share of possession in the opening few minutes with Wednesday failing to make a challenge on the hosts' goal.
Waghorn spread the ball out to the right in the eighth minute and David McGoldrick cut inside the penalty area but his shot sailed over the bar.
Midway through the first half a raking crossfield pass by Myles Kenlock found McGoldrick free on the right who fed midfielder Callum Connolly whose shot from just outside the penalty area was parried by the Sheffield goalkeeper Keiren Westwood.
In the 25th minute a sweeping move, begun by Cole Skuse, led to him passing to Waghorn whose cross was headed goalwards by Bersant Celina but it was comfortably gathered by Westwood.
Freddie Sears came on at the start of the second half to replace McGoldrick and in the 48th minute good play between him and Waghorn led to a shot on goal which brought a corner that led to the opening goal of the match.
Celina took the kick which was flicked on by Jordan Spence for Garner to net from inside the six-yard area.
In the 56th minute Waghorn robbed Tom Lees of the ball deep in his own half but his first time shot at goal sailed wide with Westwood stranded on the edge of his six-yard area.
Four minutes later superb play by Waghorn deep in his own half led to him feeding Sears who was clear on goal but he delayed his shot and was crowded out.
In the 64th minute a cross from Jack Hunt was adjudged to have been handled by Spence in the penalty area.
Former Norwich striker Hooper took the resulting spot kick and fired it high past the Ipswich goalkeeper Bartosz Bialkowski who could not stop it despite getting his fingertips to the ball.
In the 70th minute Ipswich retook the lead. A cross from Sears fell to substitute Emyr Huws whose pass was met with a deft header by Waghorn.
But Wedesday had the final say with Nuhiu's headed equalizer in the fourth minute of injury time.