Ilicic had another strike on goal after 10 minutes, though his effort was well saved by the goalkeeper.
Bologna began to push forward and they got themselves back into the game on 17 minutes through a goal from Manolo Gabbiadini to make it 1-1.
The home side almost regained their lead just before half time through Miccoli, but his strike came back off the post.
Gabbiadini had the first effort of the second half, but his shot didn't trouble the goalkeeper, who held it well.
The away side broke free on 67 minutes through Christian Pasquato, but he couldn't find the finish and put his effort wide of the mark.
Miccoli continued to look dangerous for Palermo and came close on 70 minutes, but the defence blocked well.
Abel Hernandez came close after coming on as a substitute, although his strike went just wide of the target.