The Lilywhites were the better team in the first half and the ever-dangerous Ricardo Fuller had an early chance in the 14th minute but he shot wide of the left hand post.
David Healy looked dangerous and, after putting a header wide, opened the scoring in the 21st minute, nodding in a Richard Cresswell cross from seven yards despite the keeper getting a hand to it.
Preston won a free-kick in a promising position after 27 minutes after Fuller had been fouled by Chris Bart-Williams. Paul McKenna struck it left-footed from 25 yards and Town keeper Kelvin Davis made a great save to tip the ball away for a corner.
Fuller had a shot after 36 minutes, which was blocked on the line by Bart-Williams but Preston went in ahead at the break.
Ipswich captain Jim Magilton brought a brilliant save from Jonathan Gould with a 52nd minute free-kick, and the home keeper manage to hold on with Pablo Counago closing in.
The turning point of the match came in the 64th minute when McKenna was adjudged to have brought down Fabian Wilnis on the right hand side of the penalty box. The referee awarded a penalty and Counago hit a right-foot penalty to Gould's left to make it 1-1.
Richard Naylor went close to giving Town all three points, but gould tipped his header on to the post and honours finished even.
Preston: Gould, Alexander, Jackson, Lucketti, Broomes, O'Neil, Cartwright, McKenna, Healy, Fuller, Cresswell. Subs: Lonergan, Edwards, Lynch, Abbott, Lewis.
Ipswich: Davis, Wilnis, Santos, Naylor, Richards, Wright, Bart-Williams, Magilton, Westlake, Kuqi, Counago. Subs: Price, Miller, Armstrong, Nash, Bowditch.
Referee: D Gallagher (Oxfordshire)