Still seeking their first league win of the new season at the fourth attempt, Leeds began well but fell behind in the seventh minute through a Joe Rodon own goal as the Whites centre-back deflected a cross past Illan Meslier.
Leeds, though, equalised just three minutes later via a fantastic Georginio Rutter solo for the record signing’s first goal for the club and Farke's side went ahead just four minutes later through the returning Willy Gnonto who converted Sam Byram's brilliant cross.
As part of an incredible response, new signing Joel Piroe then fired the Whites 3-1 up in the 19th minute by cashing in as Ipswich keeper Václav Hladky fumbled a Luis Sinisterra cross after a terrific pass from Archie Gray.
Leeds were then dealt an injury blow as Byram was forced off and replaced by Cody Drameh and the hosts pulled a goal back in the seventh minute of first half stoppage time as Drameh's poor back pass was intercepted by Nathan Broadhead who beat Meslier to make it 2-3.
Drameh was hauled off during the interval and replaced at left back by Jamie Shackleton who then got himself booked but Shackleton then supplied a lovely through ball for another returning player in Sinisterra who bagged the game's sixth goal to put Leeds 4-2 up in the 75th minute.
Ipswich then pulled a third goal back deep in second half stoppage time through Conor Chaplin but Leeds had already done enough to ensure their first league victory since their Championship return.
Graham Smyth, the YEP’s chief football writer, hands out the scores from a thrilling afternoon at Portman Road.

1. Illan Meslier
8 - Made some big stops. Was hung out to dry for the second goal and could do nothing about the own goal. Photo: George Tewkesbury

2. Luke Ayling
7 - Took a little while to get into but helped move the ball forward and put his all into his defending. Photo: George Tewkesbury

3. Joe Rodon
7 - Had plenty of mopping up to do. Made some vital challenges at big moments. Photo: George Wood

4. Pascal Struijk
5 - Some shaky moments. Got drawn out of position and sucked into panicky situations. Photo: Naomi Baker

5. Sam Byram
6 - Swung in a beautiful cross for Gnonto's goal. Had plenty of defending to do, didn't have it all his own way on the left. Came off on 25. Photo: George Wood

6. Ethan Ampadu
7 - Covered lots of ground, played some sensible stuff and battled manfully against Morsy. Didn't quite dominate. Photo: George Wood