The Foxes looked to be on their way to a first victory in eight games when midfielder Matty James drove them ahead in the 73rd minute.
But former Newcastle winger Kazenga LuaLua rescued a point for the division's draw specialists two minutes from time with a low shot past Kasper Schmeichel.
Pearson claimed they still had every chance of clinching a top-six finish with five games remaining.
He said: "We've played well and got some good results for the vast majority of the season. As a manager you have to take some criticism.
"But we've got five games to do enough ourselves. We've still got to play teams in and around us.
"One win in 12 games is not promotion form, but we've got a great opportunity to do it. We've got five games left and it's all in our hands."
The Foxes remain two points out of the play-offs but Pearson was encouraged with the manner of his side's performance and added: "I'm not disappointed at all. We're out of the habit of winning but we showed a lot of quality.
"We made some changes and the players that came in did a good job. It was a decent team performance.
"It is a question of getting over the line in games at the moment. I take a lot of positives from this match and although we need to start winning our games, if we show that desire and application I've no doubt that will come."