Ipswich went ahead with their first real chance as Jonathan Douglas poked the ball into the top corner to net his second goal in as many games.
Brett Pitman passed up the opportunity to double Ipswich's advantage midway through the first half as he headed wide after being found unmarked in the area by Freddie Sears, and the forward then struck the bar with a miscued cross.
David Edwards headed straight at Dean Gerken shortly after the interval, but Daryl Murphy didn't make the same mistake at the other end as he headed home from a yard out to net his fourth goal in two games.
Jordan Graham could have hit back immediately for Wolves, but the midfielder sent his effort high over the bar from close range.
Murphy then came close to netting his fifth goal of the campaign, but struck wide of the post when up against Ikeme.
The final 10 minutes saw both sides go all out for a winner. Ainsley Maitland-Niles, Cole Skuse and Douglas all went close for Ipswich, while Le Fondre and Kevin McDonald also fired efforts at goal, but both sides had to settle for a point.