The Foxes drew a blank in a goalless draw against Blackpool at Bloomfield Road to keep them in fifth place in the overall standings.
While Leicester still have two games in hand on three of the four clubs above them - Watford, Hull and Crystal Palace - Pearson knows his side need to be more clinical at this crucial stage of the season.
Striker Chris Wood missed a penalty against Blackpool which cost Leicester victory and left them four points behind Palace.
Pearson told the Leicester Mercury: "We had enough chances to win the game so it is a bit of a tough time for us at the minute in terms of converting chances into wins.
"But what you have to do in these situations is continue to work hard and apply yourselves properly. I think the players did that.
"We are fractions away from collecting maximum points at the moment. That is something we have to deal with."
The Foxes manager also backed Wood after his penalty miss.
He said: "He is a level-headed lad and these things happen. We just have to move on from it. We had other opportunities as well, but there is no doubt it was a key point in the game."
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