After back-to-back away victories ended a run of just one win in 11 attempts, the Championship leaders failed to gain maximum reward from a encounter in which many would have tipped them to triumph.
But such is the nature of England's second tier this season that promotion rivals Birmingham, Reading, Sheffield United and Preston could only draw, while Cardiff suffered a shock defeat at Norwich.
The hosts dominated the majority of a lacklustre clash that was high in effort but low on quality, especially in either penalty area.
Sylvan Ebanks-Blake came closest to scoring when his placed shot came back off the crossbar from 15 yards just before the hour mark, while Wayne Hennessey was a mere spectator at the other end for most of the evening.
And McCarthy was left to take the positives out of the game.
"It was a point gained all the time for me against a team who have been beaten by three goals in their last two outings and who have not played for a week. They were fresher than us," McCarthy said.
"The lads have done everything they possibly can, I thought they were brilliant, terrific - they just didn't manage to get the goal.
"Ipswich came and played 4-5-1 and didn't really have any ambition in terms of winning the game from the start.
"I don't think we could really get in behind them or find the final pass because of the way they were playing.
"All sorts of performances and types of games will win promotion for three teams."
With just eight matches remaining, Wolves still lead the table by three points from second-placed Birmingham, while Reading are seven adrift albeit with two games in hand.
But with so many of the leading pack seeming to struggle for consistency as the race for promotion nears its final stretch, the top six places remain wide open.
"I haven't got a clue what the Championship is about this season," McCarthy added.
"You just have to keep picking up points and playing the games and see what comes out. There isn't a formula for it."
Jim Magilton praised his Ipswich side after they ended a run of two defeats to snatch a valuable point in their own bid to reach the play-offs.
"To defend in the manner we defended was excellent," said the Ipswich boss.
"Our application, our attitude and our desire to get a result was there for all to see. It was a great performance from us.
"We knew we were going to have to ride our luck at times, with the shot that hit the bar, but limiting them to a few chances was very pleasing."
The draw keeps the Tractor Boys within six points of a top-six place, and Magilton still believes they can be in the mix come May.
"There's nine games to go and we are proving that we're a match for the Championship leaders," he added.
"What we haven't got, and haven't had this year, is that consistency. If we can apply ourselves in the manner in which we did here then we're in with a shout.
"I believe we can still do it, of course I do."