Shola Ameobi's penalty after a foul on Nicky Butt looked to have won it for the Toon but Walters struck in the fourth minute of injury-time.
The result leaves Newcastle on 99 points with one game of the Championship season to go.
Newcastle manager Chris Hughton: "We are back where this club wanted to be.
"We know, of course, it will be a very tough season because we are in a very, very tough league.
"You have to look forward to it. As a manager, as a group of players, as a club, it's where we want to be and we have worked very hard for it, so you have to look forward to it."
Ipswich boss Roy Keane: "We have to look at whether Newcastle were in holiday mode - maybe some of them were - but I am disappointed with a draw, so if we had lost the game, I would have been properly upset.
"I thought we deserved it. We had the better of the chances and scored two good goals, but we gave a bad second goal away.
"But there were a lot of positives."
Live text and stats
Saturday, 24 April 2010
Home Team Score Away Team Time Newcastle 2-2 Ipswich FT (HT 1-1) Carroll 26 Ameobi (pen) 84 Wickham 42 Walters 90+4 Newcastle 01 Harper 02 Coloccini 03 Jose Enrique 06 Williamson 12 Simpson 04 Nolan (Butt 76) 08 Guthrie (Barton 76) 10 Routledge 18 Gutierrez 11 Lovenkrands (Ameobi 66) 24 Carroll Substitutes 26 Krul, 16 Taylor, 07 Barton, 22 Butt, 17 Smith, 20 Best, 23 Ameobi Ipswich 26 Murphy 02 Wright yellow card (Clark 86) 04 McAuley 35 Smith 06 Leadbitter (Garvan 86) 10 Norris yellow card 12 Peters 17 Colback 19 Walters 21 Murphy (Rosenior 71) 40 Wickham Substitutes 01 Wright, 22 Rosenior, 41 Eastman, 07 Garvan, 08 Martin, 25 Quinn, 42 Clark Ref: BoyesonAtt: 52,181 NEWCASTLE IPSWICH Possession Newcastle 61% Ipswich 39% Attempts on target Newcastle 1 Ipswich 7 Attempts off target Newcastle 4 Ipswich 4 Corners Newcastle 4 Ipswich 7 Fouls Newcastle 6 Ipswich 15 Final Result Full Time 90:00+4:02 The referee blows his whistle to end the game. 90:00+3:01 The assist for the goal came from Jack Colback. 90:00+3:01 GOAL - Jonathan Walters:Newcastle 2 - 2 Ipswich Jonathan Walters scores a goal from deep inside the penalty area to the bottom left corner of the goal. Newcastle 2-2 Ipswich. 90:00+2:20 Gareth McAuley gives away a free kick for an unfair challenge on Shola Ameobi. Free kick taken by Nicky Butt. 90:00+1:08 Owen Garvan gives away a free kick for an unfair challenge on Wayne Routledge. Joey Barton takes the free kick. 89:33 Foul by Jonathan Walters on Steve Harper, free kick awarded. Free kick taken by Steve Harper. 88:00 Foul by Nicky Butt on Liam Rosenior, free kick awarded. Liam Rosenior restarts play with the free kick. 87:41 Shola Ameobi is penalised for handball and concedes a free kick. Indirect free kick taken by Owen Garvan. 85:43 Substitution Billy Clark on for David Wright. 85:43 Substitution Grant Leadbitter leaves the field to be replaced by Owen Garvan. 83:59 GOAL - Shola Ameobi:Newcastle 2 - 1 Ipswich Power penalty scored by Shola Ameobi. Newcastle 2-1 Ipswich. 82:42 The assist for the goal came from Nicky Butt. 82:42 Grant Leadbitter gives away a Penalty for an unfair challenge on Nicky Butt. 82:28 The ball is delivered by Wayne Routledge, Tommy Smith manages to make a clearance. 82:16 Centre by Wayne Routledge, clearance made by Gareth McAuley. 81:35 Grant Leadbitter has an effort at goal from outside the penalty box which goes wide left of the goal. 79:51 Sanchez Jose Enrique fouled by Connor Wickham, the ref awards a free kick. Free kick taken by Joey Barton. 78:31 David Wright is caught offside. Sanchez Jose Enrique takes the indirect free kick. 77:55 The ball is crossed by David Norris, comfortable save by Steve Harper. 76:16 Corner taken by Joey Barton, free kick awarded for a foul by Shola Ameobi on Connor Wickham. Brian Murphy takes the free kick. 75:46 Substitution Joey Barton is brought on as a substitute for Danny Guthrie. 75:46 Substitution Nicky Butt joins the action as a substitute, replacing Kevin Nolan. 75:00 Danny Simpson sends in a cross, Brian Murphy makes a comfortable save. 72:55 David Wright crosses the ball, Connor Wickham takes a shot. Save by Steve Harper. 72:07 Kevin Nolan is ruled offside. Brian Murphy takes the indirect free kick. 70:08 Substitution Liam Rosenior on for Daryl Murphy. 69:38 Corner from left by-line taken by Danny Guthrie. 68:09 Inswinging corner taken from the left by-line by Grant Leadbitter, save made by Steve Harper. 66:36 Free kick awarded for a foul by Kevin Nolan on Connor Wickham. Jack Colback crosses the ball from the free kick left-footed from right channel, clearance by Kevin Nolan. 65:06 Substitution Shola Ameobi replaces Peter Lovenkrands. 65:06 Peter Lovenkrands delivers the ball. 64:06 Mike Williamson restarts play with the free kick. 64:06 Booking Booking for David Norris for unsporting behaviour. 63:54 Wayne Routledge fouled by David Norris, the ref awards a free kick. 63:27 Danny Guthrie produces a cross, save made by Brian Murphy. 62:59 Wayne Routledge sends in a cross, Gareth McAuley makes a clearance. Corner taken short by Danny Guthrie. 61:50 The referee blows for offside against Andrew Carroll. Free kick taken by Brian Murphy. 61:31 Jonas Gutierrez produces a cross, save by Brian Murphy. 59:58 The ball is crossed by Sanchez Jose Enrique, Andrew Carroll has a headed effort at goal from deep inside the area missing to the left of the target. 58:34 Close range shot by Peter Lovenkrands goes over the bar. 57:28 Free kick awarded for an unfair challenge on Connor Wickham by Fabricio Coloccini. Free kick crossed right-footed by Grant Leadbitter from right channel. 56:26 Corner taken right-footed by Danny Guthrie. 54:42 Jaime Peters is adjudged to have handled the ball. Danny Guthrie has an effort direct from the free kick. 53:35 A cross is delivered by Jonathan Walters, clearance made by Fabricio Coloccini. Corner taken by Jack Colback from the right by-line, Connor Wickham has a header from close range and clears the crossbar. 53:07 A cross is delivered by Andrew Carroll, Jonathan Walters makes a clearance. 52:22 Centre by Daryl Murphy, Mike Williamson manages to make a clearance. Correction - 51:16 Sanchez Jose Enrique crosses the ball. 51:16 Sanchez Jose Enrique produces a cross. 51:07 Wayne Routledge delivers the ball, clearance by Gareth McAuley. 50:29 Grant Leadbitter has an effort at goal from 25 yards. Save by Steve Harper. 50:09 The ball is swung over by Jonas Gutierrez, comfortable save by Brian Murphy. 48:12 Free kick awarded for an unfair challenge on Danny Guthrie by Grant Leadbitter. Direct free kick taken by Sanchez Jose Enrique. 45:43 Corner taken by Grant Leadbitter from the right by-line, Gareth McAuley has a headed effort from close in and clears the bar. 45:33 Connor Wickham sends in a cross, Mike Williamson makes a clearance. 45:01 The referee gets the second half underway. Half Time 45:00+1:03 The whistle is blown to end the first half. 43:15 Grant Leadbitter produces a right-footed shot from just outside the penalty box that misses to the left of the target. 42:26 Peter Lovenkrands produces a drilled left-footed shot from deep inside the penalty box which goes wide of the right-hand upright. 41:03 GOAL - Connor Wickham:Newcastle 1 - 1 Ipswich A goal is scored by Connor Wickham from inside the box to the bottom left corner of the goal. Newcastle 1-1 Ipswich. 40:05 The free kick is delivered right-footed by Danny Guthrie from left wing, Brian Murphy makes a comfortable save. 40:05 Booking The referee shows David Wright a yellow card for unsporting behaviour. 39:53 David Wright challenges Jonas Gutierrez unfairly and gives away a free kick. 39:19 Centre by David Wright, clearance made by Mike Williamson. 37:42 Jonathan Walters crosses the ball, save made by Steve Harper. 36:03 Centre by Jaime Peters, clearance by Fabricio Coloccini. 34:08 Daryl Murphy concedes a free kick for a foul on Jonas Gutierrez. Direct free kick taken by Kevin Nolan. 27:49 Grant Leadbitter produces a drilled left-footed shot from 20 yards. Blocked by Mike Williamson. 25:59 The assist for the goal came from Wayne Routledge. 25:59 GOAL - Andrew Carroll:Newcastle 1 - 0 Ipswich Andrew Carroll scores a headed goal from inside the six-yard box. Newcastle 1-0 Ipswich. 24:29 Foul by Jonathan Walters on Sanchez Jose Enrique, free kick awarded. Steve Harper takes the free kick. 22:04 Inswinging corner taken right-footed by Grant Leadbitter from the left by-line, Andrew Carroll makes a clearance. 21:16 Wayne Routledge delivers the ball, save by Brian Murphy. 20:20 Foul by David Wright on Sanchez Jose Enrique, free kick awarded. Danny Guthrie crosses the ball in from the free kick, Jonathan Walters makes a clearance. 19:53 A cross is delivered by Jonas Gutierrez, Gareth McAuley makes a clearance. 18:51 Unfair challenge on Jonas Gutierrez by Daryl Murphy results in a free kick. Direct free kick taken by Kevin Nolan. 17:20 Wayne Routledge produces a cross, clearance made by Gareth McAuley. 16:57 The ball is crossed by Jaime Peters, save made by Steve Harper. Correction - 15:29 The offside flag is raised against Connor Wickham. Indirect free kick taken by Sanchez Jose Enrique. 15:29 The official flags Connor Wickham offside. Steve Harper restarts play with the free kick. 14:12 Kevin Nolan gives away a free kick for an unfair challenge on Jack Colback. Brian Murphy restarts play with the free kick. 13:23 David Wright crosses the ball, Jonathan Walters challenges Danny Simpson unfairly and gives away a free kick. Steve Harper restarts play with the free kick. 12:17 The offside flag is raised against Peter Lovenkrands. Brian Murphy takes the indirect free kick. 11:05 Free kick awarded for a foul by Connor Wickham on Mike Williamson. Free kick taken by Steve Harper. 10:33 Kevin Nolan challenges Jonathan Walters unfairly and gives away a free kick. Direct free kick taken by David Wright. 8:31 Corner from right by-line crossed in by Grant Leadbitter, Danny Simpson makes a clearance. 7:35 Danny Simpson crosses the ball. 5:42 Free kick awarded for a foul by Jack Colback on Fabricio Coloccini. Direct free kick taken by Fabricio Coloccini. 5:28 The ball is sent over by Danny Simpson, clearance made by Gareth McAuley. 3:30 Jack Colback delivers the ball, comfortable save by Steve Harper. 1:52 Shot from 12 yards from Jonathan Walters. Blocked by Fabricio Coloccini. Jonathan Walters takes a shot. Save by Steve Harper. Inswinging corner taken right-footed by Grant Leadbitter played to the near post, clearance made by Kevin Nolan. Corner taken by Jack Colback from the right by-line to the near post, save made by Steve Harper. 0:00 The ref blows the whistle to begin the match. Live text and data provided by The Press Association.