First Rab Douglas was shown only a yellow card for a reckless challenge on Southampton wonder-kid Theo Walcott, and then in the final minutes Craig Levein's former Hearts goalkeeper Antti Niemi produced the save of the match to deny Iain Hume a winning goal.
Inside the first minute City went close when Momo Sylla cut inside a defender and let fly from 20 yards. Although Niemi was unable to hold onto the ball, Rory Delap was on hand to clear.
Sylla was involved again when his cross from the right picked out Elvis Hammond who headed wide from six yards with just the keeper to beat. Hammond then fired wide after a quickly taken free-kick almost caught Saints napping.
It was all Leicester in the opening exchanges with the visitors struggling to establish any fluency.
But Saints' first effort arrived on ten minutes when Ricardo Fuller's 30-yard drive flew narrowly wide.
Southampton went close again after a 30-yard run which took Fuller beyond two City defenders before he found Neil McCann whose angled drive from 12 yards struck Paddy McCarthy before it was clawed away by Douglas.
Leicester hit back when Ryan Smith cut inside and fired in a shot from 25 yards which deflected off Nigel Quashie for a corner.
On 31 minutes Southampton were almost breached when Niemi was forced to punch away Dion Dublin's powerful header with Danny Higginbotham doing well to block Dublin's follow up.
On 40 minutes Hammond took advantage of a defensive slip to power towards goal but his edge-of-the-box drive lacked the venom to trouble the Southampton keeper.
Two minutes later came the controversial moment when Douglas crashed into Theo Walcott after charging from his area.
The home crowd held its breath but the referee saw fit to brandish only yellow.
Saints began to dominate after the break with Quashie the creative link between defence and attack.
It was a superb pass by Quashie on 57 minutes which almost unhinged City but Douglas spotted the danger and sprinted from his line to save at the feet of Djamel Belmadi.
Leicester had half a chance on 64 minutes when Patrick Kisnorbo lined up a shot from 18 yards which cannoned to safety off Claus Lundekvam.
Then a long free-kick by Niemi fell to Belmadi but his close-range drive from a tight angle was smothered by Douglas.
But it was Leicester who almost stole it in the last half a minute only for Niemi - who joined Saints from Hearts for £2million in 2002 when Levein was manager at Tynecastle - scrambled across his line to palm away substitute Hume's goalbound header.