Watford's Nathan Ellington struck an equaliser deep in stoppage time to prolong Ipswich's wait for their first victory of the Championship season.
Ipswich made a fine start as Liam Rosenior's cross was nodded back across goal by Jon Walters and Gareth McAuley planted a header past Scott Loach.
Lee Martin then fired against the crossbar as the hosts dominated.
But Ellington came off the bench and slotted home Danny Graham's cross from six yards out to hand Watford a point.
Ipswich remain the only club in the English leagues to be without a win, while Watford are now unbeaten in six matches away from Vicarage Road.
Roy Keane's men needed an early goal to settle their nerves and it arrived after only four minutes from McAuley.
Things almost got even better for Ipswich when Pablo Counago miscued a header from another Rosenior cross and Martin's struck the woodwork.
John Eustace had an opportunity at the other end but the experienced midfielder headed straight at on-loan goalkeeper Asmir Begovic.
Ipswich continued to look threatening going forward and it took an agile save from Loach to deny Counago, while Watford's on-loan midfielder Henri Lansbury dragged his right-footed strike wide of the target.
Carlos Edwards had two chances to double Ipswich's lead - flashing a shot wide shortly before half-time and then seeing England Under-21 goalkeeper Loach produce a fine save with his feet to keep out his fierce drive.
Watford boss Malky Mackay brought on Ellington in a bid to add some firepower but the Hornets remained on the back foot and Town substitute Connor Wickham looped a header narrowly wide from David Wright's cross.
Ellington had his first sight of goal 17 minutes from time, but the former Wigan striker failed to get any power on his long-range strike and Begovic made a comfortable save.
McAuley headed an Edwards cross over the bar from close range and the impressive Loach was again called into action to deny Wickham and Tommy Smith late on to set up a nervy finish.
And with time running out, Ellington pounced to deny Ipswich at the last.
Ipswich manager Roy Keane: "We were let down by bad finishing and good keeping.
"But I've been in football long enough to know that if you don't take your chances it'll kick you in the teeth.
"I can't fault my players and back them 100%, but to go 13 games without a victory is just unacceptable."
Watford boss Malky Mackay:
"Ipswich deserved to win. We were below par and got out of jail. I couldn't see a goal coming.
"It was great we got the goal and a point and we showed a real resilience and never-say-die attitude.
"This is a tough league and it's a real scrap and battle. A lot of teams are showing real resilience and I'm glad it was us tonight."
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