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."
Brighton manager Gus Poyet admitted that the Seagulls could not blame anyone but themselves if they fail to hold on to a play-off place with five games left.
Albion missed the chance of opening up a five-point advantage over Leicester but instead drew for the 17th time this season, yet Poyet preferred to concentrate on the positives.
He said: "We definitely deserved to take a point from the game. No doubt. LuaLua's goal could be a very important one for us. We've drawn our last three games and I would say we need to win three of our last five matches.
"It'll be a good number as teams behind us will need to win four. It's in our hands. We can't blame anyone if we don't do it."