Goals from Wolves captain Paul Ince and Ipswich substitute Richard Naylor ensured the spoils were shared at Molineux.
Ince had blasted the hosts into an early second-half lead but Naylor's late headed equaliser, which bulged the back of the net just two minutes after his introduction, ensured Ipswich's play-off hopes remained alive.
Wolves boss Dave Jones drafted in Nathan Blake as replacement for striker George Ndah, who tore a hamstring in the 4-0 demolition of Crystal Palace at the weekend.
But Ince and full-back Lee Naylor managed to shake off knee problems while Shaun Newton and Colin Cameron featured for the hosts in midfield despite carrying foot injuries.
It was lapses in concentration at the end of the game which cost us dear
Wolves manager Dave Jones
Ipswich were able to count on the services of Darren Ambrose despite the youngster suffering a knee injury in Sunday's 2-0 victory over Norwich.
Newton, with a weak header from Kennedy's cross, and then Blake, who blazed wide, ought both to have done better from promising situations.
Kennedy was also left hanging his head after firing a glorious opportunity over the crossbar when clean through.
We showed we could play and in the end we
Ipswich manager Joe Royle
But the strike from Ince, coming just three minutes after the restart, revitalised a game going nowhere with Ipswich now forced to abandon their earlier reticence.
Matt Holland forced Wolves goalkeeper Matt Murray into his first save of the game just short of the hour.
And the Molineux stopper was at full stretch again five minutes later as he plucked a Fabian Wilnis cross off the head of an incoming Ambrose.
The Wolves rearguard finally buckled with six minutes of the game remaining, Martijn Reuser floating over a free-kick from the right channel for Naylor to head home unopposed.
Wolverhampton: Murray, Irwin, Lescott, Naylor, Butler, Newton, Ince, Cameron, Kennedy, Blake, Miller. Subs: Oakes, Clyde,
Sturridge, Rae, Proudlock.
Ipswich: Marshall, Holland, Makin, Gaardsoe, Miller, Wright, Magilton, Wilnis, Richards, Darren Bent, Ambrose. Subs: Pullen,
Bowditch, Reuser, Naylor, Abidallah.
Referee: M Jones (Cheshire)