Reading took the lead on 16 minutes via an Alex Pearce header but Danny Drinkwater levelled with a long range strike on 33 minutes.
The hosts had substitute Mikele Leigertwood sent-off for a second bookable offence late on but the Foxes could not capitalise, with the point taking Pearson's already-promoted side onto 90 points in the Championship, with four games left.
The Leicester boss told Sky Sports 1: "We had our moments but we also recognise that we were a bit sloppy at times tonight.
"I've got to get the balance right in terms of how I look at a performance like that - the state of the season, I want us to get ourselves back into form and grind our way (to a result).
"Because I think mentally as much as anything, with us being so dominant for long periods of the season, there is a temptation to ease back and we're not going to do that.
"Players are putting effort in but we're not quite hitting the standards that we have and we've got four games left now so we've got a lot to play for."
Pearson, whose side now need six more points to be confirmed as champions, added: "I'm pleased with certain aspects of our game tonight but we took a long time to get the levels of discipline as much as anything else that has been a big part of our season.
"So, all in all, I know we've had our chances to win it, but I think bearing in mind the problems Reading caused us in the first half, it would be a little bit miserly of me to be too greedy tonight.
"I mean, we've had to work hard for the point and once they got the goal and caused us problems from set-plays, I think we struggled to come to grips with it.
"So I'll have to look at it all again but it's a point in the right direction, we're into the 90s now and four games left so it's important that we finish the season positively for ourselves.
"It's not about anybody else, it's not about anything other than trying to maintain high standards of trying to get as many points as we can because if we do that, it doesn't matter what anybody else does."