Jannik Vestergaard's own goal stopped Leicester from going nine points clear at the top of the table
Stephy Mavididi had put the pacesetting Foxes ahead with a fine curled finish midway though a gripping first half at a packed Portman Road.
A deflected Leif Davis shot in the 65th minute was the first effort the Tractor Boys managed on target, in a match where few clear openings were allowed to be carved out by the fierce defensive efforts of the league's top two teams.
Ipswich's Conor Chaplin then had a chance punched away by Mads Hermansen, while the Foxes were frustrated to see penalty appeals waved away late on when Kiernan Dewsbury-Hall was bundled over by Cameron Burgess in the area.
Leicester failed to survived a frantic finish by the hosts, with Sam Morsy rescuing a point with a shot that deflected off both Ricardo Pereira and Vestergaard before beating goalkeeper Hermansen.
The draw means the Foxes remain six points clear of Ipswich, with third-placed Southampton cutting the gap to second to five points after their 5-0 win over Swansea.
-- Courtesy of BBC Sport