if u go to www.spanair.com u can get KILLER deals on flights from madrid to ibiza. Im going in june and the price it gave me was 36 euros incl. taxes. Also check out other airlines such as iberia and air luxor. Another route u could go is taking a train from madrid->barcelona OR madrid->valencia then ferrying it in from there. The tix for the train will prob be approx $30USD. I dont know how much the ferry is, but when u compound that wif the train ticket and the length of that entire trip...it'll be a good 6+ hrs before u get to ibiza. Personally, i would fly...especially if u have the luxury of being in madrid beforehand...im in lisbon before...its gonna be hell for me to get to the island.
Spanair would be your cheapest flight option....otherwise if no luck with availability try Iberia but they are more costly......
And if you have the time and wouldn't mind the journey you can take the train to Barcelona and catch a ferry from there to the island!
Assuming that my numbers are correct, considering the nautical distance from Barcelona to Ibiza and the types of boats that travel between the two destinations, the travel time should be between 6-8 hours. Add to that the travel time from Madrid to BCN 1.5 hours and some lag time in between, and you are now looking at approximately 12 hours of travel time. Compare that with 2 hours (from the time you leave the hotel till you reach Ibiza), it is a no-brainer that air travel is the best option from a time consumption perspective.
From a financial perspective air travel will be much cheaper than ground and sea travel.
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