Town manager Joe Royle felt his side kept possession well but didn't really threaten until he made changes late on.
As the game entered its final minutes Royle threw on Martijn Reuser and Richard Naylor and the pair combine to grab Town a point which keeps them very much in the hunt for a play-off place: "There's no point having too many defenders back when we're chasing a game and I just wanted to get forwards on.
"We've done all right with substitutions this season and before I put them on we didn't look like scoring because we passed the ball around them but couldn't pass it through them.
"But it was a great ball in from Martijn, a great header and in the end we deserved it.
"We showed we could play but with injuries and suspensions we still look a little bit lightweight up front."
Wolves manager Dave Jones was unimpressed at referee Mike Jones' failure to penalise Thomas Gaardsøe when he clashed with Kenny Miller in the first half: "I told the referee and the fourth official this was a big game with big players.
"The ref said Kenny didn't have control of the ball, but in situations like that does it matter?
"Kenny was away from him and the one thing about strikers is that they don't go down when they can score.
"For me, it's a big decision he's missed. But I think we played some really good football and I don't think there's any reason for the fans to have gone away upset at the way we've played the game.
"I think Ipswich are one of the top sides in this division and to take four points out a team like that is a good return.
"They have got some great players and for a neutral in the crowd, it must have been a great game to watch.
"We knew they would have the ball at certain stages of the game but they didn't hurt us at all.
"Paul Ince was superb and got us the goal but we couldn't get that crucial second goal to kill the game.
"It was lapses in concentration at the end of the game which cost us dear, a lapse in giving away a silly free-kick and a lapse because no one picked up Naylor in the box."