On-loan striker David Healy came off the substitute's bench to score his first goal for Roy Keane's team as Town drew their 16th match of the campaign.
Ipswich dominated the first half and should have been ahead at the interval as Jon Walters and Daryl Murphy both hit the crossbar, while Joe Murphy made three superb saves for Nigel Adkins' side.
The Iron improved after half time though and Cliff Byrne headed them ahead in the 70th minute on his 200th start for the club.
Gary Hooper almost doubled Scunthorpe's lead only to fire wide before Northern Ireland international Healy, signed on loan from Sunderland last month, grabbed an equaliser with 15 minutes left, slotting home inside the box after good work by Walters.
The draw leaves Scunthorpe 16th in the Championship table, five points clear of Crystal Palace who currently occupy the final relegation spot while Town are one point worse off than Adkins' men.