Both divers are in position to earn berths on the U.S. team following strong semifinal performances this week at the U.S. Diving Team Trials in Federal Way, Wash.
Ipsen will have two chances to make the team, in the 3-meter synchro (Friday) and 3-meter springboard individual final (Sunday). Krug will go in the 3-meter individual final on Saturday.
Ipsen missed only one dive in advancing to the 3-meter springboard final with the top score following Wednesday's action.
Ipsen led throughout the six-round semifinal, scoring 993.80 points and putting more distance between him and synchro partner Troy Dumais, who is bidding to join Greg Louganis as the only American men to make four Olympic diving teams.
Dumais totaled 954.20 after missing two dives. Scores carry over to Sunday's final.
Ipsen and Dumais will combine talents on Friday night in the 3-meter synchro final, where the tandem is favored to win. Then they'll go head to head in the 3-meter individual finale Sunday, with the top two finishers earning Olympic berths.
Stanford grad Dwight Dumais was sixth among the 12 divers advancing to the men's 3-meter final.
Ipsen is seeking his first Olympic berth, although he has two world meets under his belt. He and Dumais won a silver medal in 3-meter synchro at the 2009 worlds in Rome, and they were fourth last year in Shanghai. They own the lead going into Friday's synchro springboard final.
"It's kind of a weird dynamic," Ipsen said about competing against and with Dumais. "But we've been doing this for so long, so it feels kind of natural."
Ipsen missed his third dive, an inward 3 1/2 somersaults, getting scores ranging from 4.5 to 5.5. But he rallied in the next round, earning a string of 9.0s for a forward 2 1/2 somersaults with 2 twists.
"I've been struggling internationally and getting really nervous," he said. "So I got here early and I've been trying to be in control of my environment instead of letting it control me."
Krug was the top diver after the 3-meter semifinals on Tuesday, scoring a two-round score of 718.85 points.
Krug, in first throughout the five-dive semi, scored 69 points on her fourth dive on a reverse 2 1/2 somersault pike. Krug closed out the semifinals with a 70.50 on a forward 2 1/2 somersault twist.
"I was still diving a little bit controlled for me," Krug said. "In the finals, I really want to let my body go. I can do a little cleaner entries and a little faster spins, a little more."