Deep into injury-time, and with City trailing to Joe Ralls' 22nd-minute goal, Schmeichel joined the attack and saw a header come down off the bar before Wood followed up to finish.
The goal was given to the Foxes striker on the night but 27-year-old Schmeichel had been confident that the decision would be reversed on the strength of television replays.
"What a shame," Schmeichel wrote on Twitter. "All can see it was over but at the end of the day as long as we got the goal. All that matters."
The point leaves Leicester three points clear at the top of the Championship table, with a game in hand over second-placed Burnley.
The Foxes remain in pole position for automatic promotion as they hold a 13-point advantage over QPR, the team currently sitting in third spot.