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Neco Williams' back post volley gave the visitors a 13th minute lead, but Julio Enciso's coolly-taken one-v-one finish got the Blues level not long before the break.
Christian Walton was the far busier of the two keepers in the game, while Leif Davis produced two goalline clearances. The Blues did chances to win it at the death though.
A first draw of the campaign takes Town onto 10 Premier League points after eight matches.
Ipswich Town (4-2-3-1): Walton; Ouattara, Diop, O'Shea, Davis; Florentino (Matusiwa 86), Palacios; Fatawu (Maeda 73), Enciso (Akpom 86), Philogene (Clarke 60); Emersonn (Flemming 60).
Unused subs: Scherpen, Furlong, Greaves, Nunez.
Nottingham Forest (3-4-2-1): Sels; Cunha, Milenkovic, Murillo; Munoz, McAtee, Schlager, Williams (Netz 83); Gibbs-White, Ndoye (Hudson-Odoi 69); Delap (Wood 94).
Unused subs: Victor, Diomande, Aina, Yates, Kalimuendo, Sangare.
Attendance: 29,198.
Referee: Thomas Bramall.
Town players react after Nottingham Forest's opener. (Image: Ross Halls)
GARY CALLS IT
Gary O'Neil warned pre-match that Nottingham Forest were far better than their five points and five league goals suggested. He described them as a 'low risk' and 'very, very direct' side that create a lot of chances via quick transitions. The message to his players and fans was clear - this is not a challenge to be underestimated.
Those words proved prophetic. In an attempt to be the dominant, controlling team in windy conditions, Blues full-backs Abdoul Ouattara and Leif Davis pushed on and inverted. The idea was that the midfielders would cover the gaps. The problem was that they couldn't always plug them quick enough after the trio of tricky attackers - Abdul Fatawu, Julio Enciso and Jaden Philogene - often ran into traffic.
Forest's 13th minute opener was a prime example. A ball up the line. Liam Delap and Issa Diop tussled, Morgan Gibbs-White and Dara O'Shea tangled, and, with both centre-backs dragged out of position, Daniel Munoz swung in a cross from the right for opposite wing-back Williams to drift onto at the back post and expertly volley home.
Already by that point, Christian Walton had made a smart stop from a swivel and shot in the box from Jair Cunha after a set-piece delivery was not dealt with. Moments later, Gibbs-White's dangerous cross had to be gathered by Walton at the second attempt.
Davis had to come to the recuse in the 31st minute, clearing Gibbs-White's stretching shot off the line. At the second corner delivery, Dan Ndoye's leaping header went inches wide.
Julio Enciso celebrates after getting Town level. (Image: Ross Halls)
ENCISO OFF THE MARK
Town moved towards the break having been both frustrated and frustrating.
They ended up going into it level, however, thanks to a goal scored in Forest fashion.
O'Shea showed a fine turn of pace when sweeping up at the back and then sent a rather hopeful long ball forwards. Xaver Schlager and Nikola Milenkovic subsequently got in a muddle, allowing Enciso to race away and slide home a low one-v-one finish. It was the Paraguayan's first goal since returning to the club on a permanent basis.
Referee Thomas Bramall (left) shows a yellow card to Issa Diop after a VAR check. (Image: PA)
DIOP FORTUNATE
A major talking point came just three minutes into the second half.
When James McAtee drove towards the Town box from deep, Diop raced across on the cover but hesitated before lunging in. The poorly timed tackle completely wiped out the in-flight Forest midfielder. Incredibly, referee Thomas Bramall waved play on.
At the next break in play, VAR told Bramall to go and review the challenge on screen for a potential red card. Having done so, the man in black adjudged McAtee's touch was heading away from goal and that O'Shea was providing ample back-tracking cover. His decision was foul and a yellow card.
Personally, I think it was the right call. It wasn't *quite* a denial of a goal scoring opportunity. Diop was very close to putting his team in the mud though.
Morgan Gibbs-White tackles Jaden Philogene. (Image: PA)
RIDING SOME LUCK
Forest continued to look a threat on the counter and at set-pieces.
Walton had to make a smart stop to deny a crisp Murillo shot after a corner was half cleared. The Brazilian then planted an unmarked header narrowly wide from another flag kick.
Florentino being dispossessed in midfield led to another quick away attack. For the second time in the game, Davis had to produce an inventive back-peddling clearance near the line from Gibbs-White.
Liam Delap (right) battles with Issa Diop. (Image: Ross Halls)
DELAP'S RETURN
This was Liam Delap's first time back at Portman Road since his headline making, England-linking, 12-goal campaign for the relegated Blues in 2024/25.
The striker - a £50m buy for Forest off the back of an underwhelming campaign at Chelsea - played in his usual robust manner.
He lost some early duels, shot wide of the near post down the side of the box, but then had a role in the opening goal when backing into Diop.
The excellent O'Shea won a foot race with his former team mate in the 30th minute. In first half stoppage-time, Delap almost ripped the shirt of the Irishman's back.
When Ouattara's clearance ricocheted into O'Shea in the 74th minute, the stage looked set for Delap to bag against his former employers. He headed a good chance over to mocking cheers though.
NO LATE WINNER
O'Neil's substitutions were once again attack-minded, with Zian Flemming, Jack Clarke, Chuba Akpom and Daizen Maeda among those introduced.
When the fourth official indicated eight minutes of stoppage-time, there was a feeling in the air that Town could go and win it.
Clarke's driving run and curling shot went wide of the right hand post to a collective sharp intake of breath, while Akpom's shot in the box was a whisker away from being turned in by O'Shea.
In truth, this probably wasn't a performance that deserved a victory.
Another point on the board. Ipswich now prepare for a trip to fellow newly-promoted side Hull City next Saturday.