The still fruit-flavour drink, which contains African rooibos plant extract, antioxidants and vitamins, will launch nationwide later this month.
Pepsi refused to comment on whether it was considering legal action over the name.
Coke hopes to capitalise on the rising popularity of healthy non-carbonated drinks, and is pushing the fact Ipsei contains 75% of the recommended daily allowance of vitamin E. It also contains vitamin B6 and 50% of the daily allowance of B12 and biotin.
The soft launch of the drink will be backed by point-of-sale activity, targeting adults aged 30 and over. It will be distributed through a range of retailers, including health-food stores.
Ipsei will be sold in 500ml bottles. Designed by UK agency Barber Osgerby, they are the first asymmetric drink containers produced by Coca-Cola.