Robbie Blake put the Yorkshiremen ahead on the stroke of half-time, but their joy was confined to a few brief moments with Leicester levelling in time added on.
Leeds created the first threat after two minutes but Blake's weak header was gathered comfortably by Paul Henderson. Jonathon Douglas then glanced a Blake corner wide in what was otherwise a tepid start to the game.
But Leeds continued to menace with Radostin Kishishev flicking the ball up before firing just wide and Jemal Johnson mis-hitting Sebastien Carole's corner straight at the keeper.
City's main threat came from Levi Porter, whose audacious chip from a tight angle almost caught out Casper Ankergren, but the keeper was grateful to stretch out a hand to concede the corner.
There was a long delay just before the break when Johnson crumpled after colliding with the out-rushing Leicester keeper.
Johnson required lengthy treatment before he was eventually stretchered off, with Henderson shown a yellow card for a raised knee, which the referee ruled constituted a dangerous tackle.
Blake then drove the resultant free-kick against the Leicester wall with the same player hammering the rebound low into the net from 20 yards to give Leeds a 45th minute lead.
But the visitors' jubilation was short-lived with City equalising in time added on with the lively Porter's cross from the left wrong-footing Ankergren, allowing Iain Hume's weak header to loop beyond the keeper's despairing reach.
Two minutes after the restart Shaun Newton was held back by Miguel Armando Sa with Porter driving the free-kick straight at the keeper.
City's bright start to the second half continued with Gareth McAuley heading a Porter corner just wide.
Porter continued to shine with Ankergren having to bravely block the diminutive winger's angled drive, before Henderson was called into rare second-half action to smother a long-range shot from Douglas.
The Foxes wasted a great chance to wrap up all three points on 76 minutes when Stephen Hughes found himself clean through, but the keeper completed a fine night's work when he raced from his line to save at the City midfielder's feet.
Two minutes from the end Douglas had a half chance to clinch it for Leeds but his 25-yard drive flew just over.
And at the death Leeds were grateful to survive a flurry of Leicester corners to return to Elland Road with a point in their desperate battle against the drop.