The striker bagged his second goal of the campaign when he equalised to claim a 1-1 draw against Arsenal on Sunday.
It capped an impressive performance from the former Brighton man, who joined the Foxes in a club record deal over the summer.
He could have won it but fired wide with just Wojciech Szczesny to beat in the second half and gave Calum Chambers, a replacement for the injured Laurent Koscielny, a torrid time.
And Pearson reckons the 28-year-old is ready for the top flight.
"He has proved he has the capability to perform at this level and that's key to it," said Pearson
"He is a very good player anyway
Maybe people's appreciation on what he brings to the side might be improving.
"It was a tough game physically and he has taken his goal well
He'll be disappointed not to finish the one in the second half, but it was a great bit of football and a super bit of skill."
Ulloa cancelled out Alexis Sanchez's 20th-minute opener - his first Barclays Premier League goal for Arsenal - as Leicester spooked the Gunners with Jamie Vardy also going close at the death.
The Foxes have drawn two and lost one of their opening three league games since promotion and Pearson believes they will improve.
"We continue to show signs we are capable of adapting quickly
That's really important and I know the players are capable," he said.
"Last year we dominated possession in the vast majority of games but this year we have had to adopt a different mentality.
"It shows an understanding from the players and a willingness to work as a team."
Pearson included former Inter Milan midfielder Esteban Cambiasso on the bench after his move last week and also signed defender Danny Simpson from QPR on Friday.
The manager is still looking for new players before Monday's transfer deadline but refused to elaborate following accusations from Wigan last week they left James McArthur in limbo after agreeing a fee for the midfielder.
He added: "It's whether we can or can't, forgive me for not indulging in speculation
I won't be naming players as I never do, certainly in light of the story which broke on Thursday and the accusations which have been put our way
They need to look a little closer to home.
"We don't believe about talking too much about other people's players.
"If we do any more business you will know when it's completed
If we don't manage to do anything I'm very happy with the players we've already got."
Source : PA
Source: PA