Indeed City could have won the game towards the end when Sean St. Ledger had to clear the ball off the line.
Matt Fryatt had a 20-yard right-foot shot saved by Andy Lonergan for a right-wing corner after just three minutes.
Andy Carroll was booked for a foul on Alan Sheehan after 11 minutes, but scored his first goal for Preston in the 14th minute.
Matt Hill was fouled on the left-hand side. Captain Kevin Nicholls hit a right-foot free-kick over and Carroll headed home into the top left-hand corner of the net.
Youl Mawene had a header saved by Marton Fulop who dived to his right hand side after 25 minutes.
Leicester skipper Gareth McAuley went off injured in the 36th minute and was replaced by Andy King.
Collins John forced a save from Lonergan just before half-time and in added time at the end of the first half, Fryatt hit a right-foot chip which Lonergan had to save well, tipping the ball over the bar for a left-wing corner.
At half-time Billy Jones was replaced by Callum Davidson and Fryatt had another shot saved ten minutes into the second period.
Carl Cort replaced John and then man of the match Fryatt had a 20-yard shot saved by Lonergan, but the ball looped up into the air and in came DJ Campbell to head the ball home from close range to make the score 1-1.
Simon Whaley had a shot saved and later shot wide of the left-hand post from a good position.
Patrick Agyemang came on for Brett Ormerod and Shaun Newton replaced Alan Sheehan, before Foxes stopper Patrick Kisnorbo was booked for a foul near the end.
Cort had a last-gasp effort ruled out for offside as the game ended all-square.