Everton striker Duncan Ferguson sent off after he was shown two yellow cards in the space of just three minutes in a bad tempered encounter at the Walkers Stadium.
Ferguson was booked first on 37 minutes for an elbow on Nikos Dabizas and then on 40 minutes referee Barry Knight brandished a second yellow card when the big Scot flung an arm at Steffen Freund and then wrestled him to the ground.
Furious Ferguson was reluctant to leave the pitch and appeared to place his hands around Freund's neck before storming angrily down the tunnel.
The record books showed that Ferguson had been the last player sent off in the same fixture when the two sides met at Filbert Street back in 1995.
But City struggled to exploit their advantage over the depleted opposition who took the lead 15 minutes from the end through England international Wayne Rooney.
Leicester appeared dead and buried until deep into time added on when Marcus Bent conjured up a late, late equaliser.
The game ended on a sombre note when after the final whistle it was announced over the tannoy that a 40-year-old fan on his way to the match had died after he was struck by flying debris from a building close to the Walkers Stadium.
Dickov was recalled to start for Leicester for the first time since his release from a Spanish prison cell.
He was far from his usual fiery self and afterwards manger Micky Adams revealed that Dickov had been scheduled for a place on the subs bench until injuries to his squad had forced him to reshuffle the side he would have preferred to have chosen.
Adams opted for a bold attacking formation with Dickov partnering Les Ferdinand up front with Marcus Bent and Trevor Benjamin on the flanks.
Thomas Gravesen returned from suspension for Everton with Ferguson and Alessandro Pistone shaking off hamstring niggles to take their places in the starting line-up.
City's unexpected triumph in the face of their Spanish adversity at Birmingham last weekend had rekindled their hopes of avoiding an instant return to Nationwide Division One.
It had all the hallmarks of a challenging afternoon for an Everton side who previously this season had won only once on their Premiership travels.
But the Merseysiders were the first to threaten with Pistone's well stuck shot from 20 yards testing Ian Walker.
A swirling wind made it difficult for both sides to produce fluent football in an edgy game.
City's first threat came on 13 minutes when Steve Watson bundled over Muzzy Izzet close to the corner flag.
The Turkish international floated the free-kick to the far post where Dabizas got above his marker to head the ball on to the roof of the net.
At the other end Everton broke quickly with Gravesen heading the ball on for Rooney, who could only fire high and wide from an acute angle.
Dickov then went close from 20 yards and Freund sidefooted wide from 12 yards as Leicester began to tighten the screw.
And City thought they had the lead on the half-hour mark when from an Izzet corner, Bent headed against the bar and bundled the rebound home only for the ref to award Everton a free-kick for a foul on the keeper.
Everton replied when Gravesen swept the ball across field for James McFadden to shoot wide from the edge of the box, but the main talking point of a fractious first half was the dismissal of Ferguson.
After the break it was all City as they searched for a breakthrough against the ten-man Merseysiders.
Former Kilmarnock star Peter Canero came on as 58tth minute substitute for the tiring Ferdinand with Bent moving from out wide to join Dickov in attack.
Substitute Tomasz Radzinski crossed to the near post where Rooney, under pressure from Ben Thatcher, stabbed the ball wide in a rare Everton break out.
But it was Leicester who continued to enjoy territorial advantage, although they struggled to put Nigel Martyn under pressure in the Everton goal.
And when they did get Martyn in their sights on 71 minutes, the ball fell to defender Matt Heath who fired wide from 14 yards.
Then against the run of play Everton took a 75th minute lead. Radzinski crossed from the left, Heath lost his footing and Rooney found himself in the clear to guide the ball beyond Walker.
It was the youngster's eighth goal of the season and followed his winner against Portsmouth last week.
Izzet then let fly from 25 yards, but Martyn had positioned himself well to make a comfortable save.
Thatcher then tried his luck from a similar distance, this time the ball ballooning off a defender onto the roof of the net as City's search for an equaliser became increasingly desperate.
And as the game moved into stoppage time it looked as though Everton had held firm to record only their second Premiership away win of the season.
With just seconds of the two minutes added on remaining, Riccardo Scimeca's well struck shot was palmed by Martyn on to the post and out for a corner.
Steve Guppy swung the corner to the far post where Bent rose above the defence to nod the ball home.
Man of the Match: Wayne Rooney - Confirmed his return to top form with what looked like being the winner and led the line well after Duncan Ferguson was sent off in the first half.