Marlon King was sent off for a reckless lunge on the hour mark but Aidy Boothroyd's side held on to start the new year with a draw.
Rory Fallon had put Roy Keane's visitors ahead with a smart finish but Freddy Eastwood levelled just after the break.
Keane's side pushed for a winner after King was dismissed but could not find a way through.
Ipswich captain Gareth McAuley made a surprise return from an Achilles injury and Jason Scotland and Eastwood exchanged long-range efforts before the visitors crafted the first clear-cut chance of the afternoon.
The recalled Jaime Peters and Carlos Edwards linked well down the right and when Edwards swung in a deep cross Fallon met it with a powerful header which was well held by Keiren Westwood.
King then flashed a header across the face of goal which kissed the far post as Coventry enjoyed a spell of pressure.
But it was the visitors who came even closer moments later when Edwards beat Westwood with a stinging shot from 25 yards but saw his effort come back off the underside of the crossbar and bounce to safety.
David Norris fired over from the edge of the area as Keane's men took control and they deservedly took the lead before the break when Fallon scored in the 44th minute.
Norris was involved as he played in Jack Colback on the left of the area and when Westwood could only parry his low shot, Fallon capitalised by firing the loose ball into the roof of the net.
It was a setback for City but they took less than three minutes of the second half to level the scores.
Westwood launched a long ball down field and King did well to shield the ball from a defender and lay the ball off to Eastwood.
The former Wolves man was in space on the edge of the area and sent his low shot wide of Marton Fulop in the Ipswich goal and into the far corner.
King was then dismissed by referee Russell Booth after he clattered into Darren O'Dea in a decision which incensed the home crowd.
The striker had taken a bad touch and lunged in to try to win the ball back but followed through onto on-loan Celtic man O'Dea.
Colback almost took advantage immediately when he shot wide at the end of a slick move and O'Dea hooked an effort wide.
But despite their pressure there was to be no winner for Ipswich.