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The game saw a strong start from the Eagles, who came flying out the traps and took the game to the visitors from the off.
It was during that period of early sustained pressure that Palace got off the mark. Freddie Ladapo, with his back to goal on the edge of the area, received a pass in to feet on six minutes, swivelled his marker and looked up. Two challenges flew in, but the number 17's quick feet allowed him to skip by both before opening his body up and slotting a neat finish beneath the goalkeeper Michael Crowe.
Palace continued to dominate after the opener, with Nya Kirby involving himself in a lot of the good play as they pushed for a second.
On 17 minutes, Levi Lumeka - who had already threatened after latching onto a Kirby through ball minutes earlier - was set free by Kian Flanagan down the left, cut inside and finished coolly to extend the Eagles' advantage.
The remainder of the first period passed in a similar vein, with Palace on top and pushing for another, Ipswich did have two chances - both through Gbenga Folami - but Dion-Curtis Henry did well to deny the number 9 on both occasions. Half time saw the teams go in at 2-0, though it could have been more had the home side taken their chances.
Ipswich halved the deficit five minutes into the second half, when Conor McKendry did well to meet a deep cross to the backpost and finish first time.
Despite conceding, Palace looked the more likely to grab the game's fourth goal, enjoying large spells of possession in the opposition's half, but they were unable to pull away. Gio McGregor was denied from the edge of the area after a neat passing move and Ladapo failed to get enough on a low Jason Lokilo cross as Ipswich survived the pressure.
It was the visitors who did end up scoring next, when winger Ben Morris burst down the left before teeing up substitute Albert Wilton for a close-range finish on 87 minutes. The goal came too late for Palace to respond, meaning the spoils were shared a point apiece.
Palace: Henry; Robertson (Woods, 75), Phillips, Brown, Mitchell; McGregor, Kirby, Flanagan; Lokilo, Lumeka; Ladapo.
Subs: Tupper, Lynch, Coker, Hungbo.
Ipswich: Crowe; Crowe, Clements, Blanchfield, Marshall (Wilton, 86), Webber, McKendry, McLoughlin, Folami (Patterson, 71), Drinan, Morris.
Subs: Hayes, McGavin, Ndaba.