On your Note:
Settings>More Settings>Tethering and portable hotspot>turn on portable wifi hotspot.
Im in UK on Vodafone and tethering is free from my mobile device, just make sure yours is the same or you could be charged.
I have turn it on even tried without password yet ipad or iPhone only keep on trying to link
Your phone may not be discoverable, instead of using the slider on the portable hotspot option, press the wording and its another menu and then you can allow all devices to connect !
If you're in the US on one of the carriers here, you need to make sure tethering is provisioned on your account. If it's not, you're gonna have a difficult time getting any data connection.
If you're not in the US, I'm not sure what the problem is. If your iPad can connect to your phone's signal, there shouldn't be an issue.
I'm from Singapore , i thing it could be the carrier thing but I'm not so sure. actually I got the iphone 5 thinking of buying only the wifi ver of New iPad to tap the signal when I'm out from my home ..
I solved the issue by installing this app called FoxFi from playstore on my samsung note now the iphone 4 can connect to my note. will try it out on the ipad as well.