The 18-year-old came off the bench for his debut against Crawley Town in the League Cup, before being included by manager Mick McCarthy in the starting lineup for the 1-1 draw with Derby County late last month.
However, the midfielder has admitted that "there is a long way to go" before he can consider himself as an established senior player.
"On a personal level it was fantastic to feature [against Derby] but it's massively important that I keep my feet on the ground and I can't go around thinking that I've made it," he told the club's official website.
"The hard work starts here and, while it's nice to have been involved in the first team, I know there is a long way to go yet and it's up to me to keep progressing and try and show the manager what I can do."
Bishop has been with the Tractor Boys since Under-8 level.