The Rams have lost nine times in 11 games as a result of this defeat at the hands of their Championship rivals - now led by the man who managed them from 2007-08.
The hosts started the brighter of the two sides and took the lead after just six minutes through Alberto Bueno's fourth goal of the season.
Gareth Roberts did well down the left wing before cutting inside and sliding a square ball across the six yard box for Bueno, who was unmarked at the far post, to tap into the bottom corner.
Derby continued to push forward with fresh confidence following the opening goal and Ben Davies, looking for his first goal since joining from Notts County, tried his luck from 30 yards - but Ipswich midfielder Grant Leadbitter did well to turn the ball behind for a corner.
Davies whipped in the resulting corner from the right and found Miles Addison 12 yards out, but his strike flew well wide of the target.
Ipswich started to get a foothold in the game as it progressed and Leadbitter had his side's first effort on goal in the 25th minute - but Stephen Bywater got down well to parry the long-range drive.
However, two minutes later the Tractor Boys got themselves back on level terms when on-loan midfielder Jimmy Bullard found the bottom corner with a 30 yard volley - although Bywater will have been disappointed not to get a better contact on the ball as it bounced over his despairing dive.
Young prodigy Connor Wickham had the only other chance of the half but fired his effort well over from the edge of the box, meaning the sides were all-square at the interval.
The home side had two chances in two second half minutes to restore their lead but Shaun Barker failed to convert Davies' far post corner, heading wide from six yards in the 54th minute before Bueno flicked John Brayford's powerful header just wide from close range less than 60 seconds later.
Ipswich completed an impressive turnaround in the 68th minute when their skipper, David Norris, put them in front following some free-flowing football.
Carlos Edwards started the move by feeding Bullard a simple ball in midfield, he then picked out Norris, who cut inside and played a slick one-two with Tamas Priskin before firing the ball low into the bottom corner.
The goal appeared to knock the stuffing out of the home side and despite introducing Steve Davies and Tomasz Cywka during the final 18 minutes, County could only muster one final chance - a Davies free-kick which Martin Fulop tipped over the bar.