By his own admission, the Foxes needed "a miracle" to keep their promotion dream alive following a 2-1 home defeat to Watford in their penultimate match of the season 12 days ago.
It meant that Nigel Pearson's side went into the final game of the campaign at east midlands rivals Nottingham Forest eighth in the table, behind their opponents, and needing to win a league fixture at the City Ground for the first time since 1972 if they were to have any chance of sneaking into the top six.
Even then Leicester were reliant on Bolton not beating Blackpool at home. But the miracle happened, and in the most dramatic fashion.
Anthony Knockaert's injury-time goal gave the Foxes a thrilling 3-2 victory over Forest, ending their play-off hopes, and Bolton were held to a 2-2 draw at the Reebok Stadium.
Ahead of Thursday night's semi-final first leg against Watford at the King Power Stadium, goalkeeper Schmeichel said: "I think we were all looking to the football Gods after the Watford game.
"We had to hope and pray for a miracle, but thankfully we got one. At the start of the season, the play-offs were the minimum requirement but as the season has progressed I think we have to be pleased with it.
"We went into the Nottingham Forest game having won just twice in our last 16 matches, yet we were still somehow in the mix.
"A lot of times this season we have come away from games thinking we should have got a better result, then we have looked at other results and they have gone our way.
"We needed that to happen one last time and we were lucky that it happened. Lady Luck has shined on us and I hope she continues to do so. Everyone needs a little bit of luck in the play-offs and hopefully we will get it."