Talisman Liam Delap gave his side a lead just over a third of the way through the first half when Dara O'Shea battled to reach Axel Tuanzebe's floated delivery into the penalty area and headed across the face of goal to the striker.
Goalkeeper Alex Palmer was fortunate that Wolves did not score from an indirect free kick he conceded inside the six-yard box after scooping the ball off the line following a backpass after the half-hour mark.
Ipswich chose to invite pressure in the second half and their passivity at the back was punished when Pablo Sarabia battled for control of the ball on the edge of the box before firing the ball into the bottom-right corner with less than 20 minutes to go.
The Blues would go on to lose the game, with Jorgen Strand Larsen's close-range finish six minutes from time enough to give his side all three points.
The result leaves Ipswich in 18th place with 20 points but they are 12 points behind 17th-placed Wolves with only seven matches left to play.
SPORTS MOLE'S VERDICT
Even if the hosts had achieved victory, survival would have still been immensely difficult to given there are just seven games remaining, as well as the fact that visitors would boast a six-point advantage.
However, even though the gap is now 12 points, Ipswich have separated themselves from Leicester City in the sense that they have at least been competitive in the league this season.
As for Wolves, they fans should begin to relax with the club's top-flight status a near certainty, and boss Vitor Pereira should take credit for the work he has accomplished.
IPSWICH TOWN VS. WOLVERHAMPTON WANDERERS HIGHLIGHTS
16th min: Ipswich Town 1-0 Wolverhampton Wanderers (Liam Delap)
Tuanzebe floats a ball towards the right post, where O'Shea wins his header and plays across goal before Delap sneaks in front of goalkeeper Jose Sa to poke his side into the lead.
What a start for Ipswich!
34th min: Alex Palmer (Ipswich Town) indirect free kick
Ipswich goalkeeper Palmer concedes a free kick inside the six-yard box after he scoops the ball off the line with his hands, but Sam Morsy manages to block Wolves' attempt.
Palmer is very lucky!
49th min: Joao Gomes (Wolverhampton Wanderers) hits post
Midfielder Joao Gomes has time and space so decides to strike powerfully at goal from the edge of the box, but his effort bounces back off the post.
Ipswich have to get more pressure on the ball!
72nd min: Ipswich Town 1-1 Wolverhampton Wanderers (Pablo Sarabia)
Wolves loft a pass into the penalty area on the left to striker Strand Larsen, who squeezes the ball back to the edge of the box to Sarabia, and the attacker somehow retains possession under significant pressure before hitting an effort into the ground and into the bottom-right corner.
A vital goal for Wolves!
84th min: Ipswich Town 1-2 Wolverhampton Wanderers (Jorgen Strand Larsen)
Andre switches the play from the left of the box to Sarabia at the back post before he taps a pass across the six-yard box to Larsen, who finishes from close range.
Will that secure Wolves' survival?
MAN OF THE MATCH - JORGEN STRAND LARSEN
The striker was pivotal to Wolves' fightback against Ipswich, with his combativeness helping to set up Sarabia to score the team's first goal.
Strand Larsen also netted the visitors' winner, and his strike will be remembered as the goal that effectively secured his side's safety.
IPSWICH TOWN VS. WOLVERHAMPTON WANDERERS MATCH STATS
Possession: Ipswich Town 44%-56% Wolverhampton Wanderers
Shots: Ipswich Town 6-22 Wolverhampton Wanderers
Shots on target: Ipswich Town 2-7 Wolverhampton Wanderers
Corners: Ipswich Town 4-8 Wolverhampton Wanderers
Fouls: Ipswich Town 12-16 Wolverhampton Wanderers
BEST STATS
WHAT NEXT?
Ipswich face a difficult next two games, with a trip away to Chelsea to come on April 14 before they host Arsenal on April 20.
Meanwhile, Wolves will take on Tottenham Hotspur next Sunday, and Pereira's side then travel to Old Trafford to face Manchester United six days later.
Written by
Lewis Nolan