Magilton praised the impact of the man he signed on loan from Premier League Tottenham.
"When he lands on the ball, you think something is going to happen," said Magilton.
"We haven't had that sort of player this season. It was a good finish."
He added: "He has that ability. You don't come from Barcelona and sign for Tottenham without having ability."
Magilton admitted his side had needed all three points to boost their outside hopes of a play-off place.
"We don't know where that point is going to take us," said Magilton.
"The Championship this year has been that sort of league. We will need our point. We've got to win on Saturday (against Watford) now."
Despite being five points off the top six, Magilton said his team remained positive.
"There's a feeling in the camp," he said. "They are showing a great determination to get results."
Luciano Civelli and Giovani missed great chances to put Ipswich ahead before Elliott drilled home in the 19th minute to give the visitors a half-time advantage.
"We had three great chances to win a game and if you don't take them then a team as competent and confident as Burnley will hurt you," said Magilton.
Burnley boss Owen Coyle said it was a "slight disappointment" that his side had not won.
"It may turn out to be an important point," he said. "But it's a slight disappointment after going in front that we never got the three points."
Coyle said the match, which swung end to end, had proved a great advert for Championship football.
"I do think it was a fantastic game," he said. "I think any neutral would say it was two teams trying to play the game the right way."
Despite his side's marathon season, which has seen them progress to the latter stages of the Carling Cup and FA Cup, Coyle said his team had not looked jaded even after the equaliser.
"It was a wake-up call for us," he said.
"We started to push on the front foot again and had two or three chances to win."
He added: "I think that was the 51st game of the season. We've used the fewest players in the Championship and we've got a small squad."
Coyle admitted he was focusing on a top-six finish, rather than aiming higher.
"I don't think there's any way we can catch the top two," he said.
"At the end of the day, we want something tangible at the end of the season."