Norwich, who had won the last four derbies, enjoyed the better of the early stages and went ahead four minutes before the interval when Jonny Howson turned in Cameron Jerome's cross.
But Ipswich equalised in first-half stoppage time, substitute Paul Anderson firing home after a scramble in the area.
Middlesbrough won 2-1 at Brentford in the other playoff semi-final first leg on Friday. The final is at Wembley on May 25 with the winners set to earn an estimated 120 million pounds ($185.5 million) by reaching the Premier League.
Bournemouth and Watford were automatically promoted to the top flight.
($1 = 0.6469 pounds)
(Reporting by Ed Osmond; editing by Michael Hann)
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