Andy King got the Eriksson era off to a flying start by scoring after just three minutes but Robert Koren equalised in the 52nd minute to ensure a satisfactory return to the Walkers Stadium for Pearson, who left the Midlands club in the summer.
King squeezed the ball in from a tight angle as Matt Duke got hands on the shot but could only palm it into the net.
King came close again after 15 minutes when he curled an effort wide and the Wales international had a goalbound shot blocked by Anthony Gerrard midway through the first half.
Eriksson's side continued to look dangerous and Bruno Berner sent a shot across the face of goal just before half-time.
Hull were abject in the first half and provided no threat but they drew level seven minutes after the break.
Koren unleashed a shot from 30 yards that Chris Weale could only palm into the net. The Leicester keeper should really have done better.
Neither side were content to sit back and take a point, and both tried to win it in the time remaining.
Jack Hobbs headed straight at Duke on the hour mark, while at the other end Rowan Vine and Mark Cullen missed the target.
Hobbs almost got on the end of Franck Moussa's corner midway through the second half before Weale was forced to save Caleb Folan's header.
The end-to-end action continued and Paul Gallacher wasted a golden chance to earn Leicester all three points when he blazed over the crossbar from eight yards out.
Substitute Kevin Kilbane then nearly won it for Hull with his first touch but his header was smothered by Weale.
Weale was forced into action again with 10 minutes left to keep out Nick Barmby's volley.
Hull had the final attempt but Andy Dawson's free-kick in the first minute of injury time cleared the crossbar.