Fryatt took just 12 minutes to notch his 25th goal of the season as Leicester increased their unbeaten run to an impressive 16 games.
The stocky striker, who is enjoying an outstanding season, was always a thorn in the side of Walsall who were extremely disappointing after their promising 1-0 success over Leeds last Saturday.
Leicester, always the sharper side, often swept through unchallenged as Walsall battled in vain to keep out the League One leaders.
The outcome was hardly a surprise as Leicester effectively put the game out of Walsall's reach in the 34th minute when Andy King notched the second goal - his tenth strike of the season.
Nigel Pearson's side are undoubtedly the best team in the division. They play with speed and purpose with Lloyd Dyer and Matt Oakley their two guiding forces in attack.
Fryatt is the player to benefit as he demonstrated when he poached the opening goal. Oakley's corner was headed back by Jack Hobbs and Fryatt was on hand to turn the ball home from close range.
The best goal of the game in the 34th minute. Dyer played a quick pass to Steve Howard who in turn produced a clever chip over the heads of the Walsall defenders to King, who controlled the ball before firing low past Clayton Ince.
Two minutes into the second half the game was over so far as Walsall were concerned.
Fryatt sliced open Walsall's defence to set up Tom Cleverley who ran through to score with a low left-footed shot into the far corner of the net.
At this time Walsall were in total disarray and in the 52nd minute Howard bustled through and scored at the second attempt following a bad mistake by Anthony Gerrard.
Walsall tossed caution to the wind and belatedly put pressure on Leicester, with Dwayne Mattis scoring on the volley from a Chris Palmer free-kick, but it was far too little, too late.