Yakubu, who has joined the Foxes on loan from Premier League outfit Everton for the remainder of the season, looked to have given his side the win with his strike on the hour mark in the Championship on Saturday.
The Nigerian latched on to Paul Gallagher's cross before some good footwork allowed him to unleash a strike into the bottom corner of the net.
However, Hume latched on to Paul Hayes' flick on before firing past Leicester goalkeeper Chris Weale to claim a share of the spoils for Preston.
The hosts were perhaps a touch fortunate as, although the balance of play was fairly even, Leicester created the better chances.
Lloyd Dyer missed the target with just Lilywhites goalkeeper Andy Lonergan to beat, Gallagher struck the woodwork twice and Andy King's strike from 12 yards was superbly tipped over.
Following a cagey start, Yakubu was involved in the game's first opening when he put Dyer clean through on goal, however, the midfielder struck narrowly wide.
King headed wide from Gallagher's corner as Leicester started to take control of the game.
Gallagher thought he had given his side the lead with a free-kick from just outside the area and though Lonergan was stranded, the ball cannoned back off the post.
Preston were given a let off and they had nearly took advantage as they had chances to take the lead before the interval.
First, Darren Carter's 20-yard strike went inches wide, and in a goalmouth scramble, Iain Hume and Billy Jones' efforts were blocked by Jack Hobbs and Kyle Naughton respectively.
The visitors were still making all the running, however they were struggling to create clear cut chances against a side who had conceded the most goals in the league this season.
Yakubu shook off the challenge of Sean St. Ledger but his shot from the edge of the box was comfortably saved by Lonergan just before the interval.
The former Middlesbrough and Portsmouth striker was starting to look menacing and his next effort after the break went narrowly wide.
Gallagher was once again denied by the woodwork after he headed against the bar from Kyle Naughton's well-flighted cross.
Hume forced a fine save from Foxes goalkeeper Chris Weale with a strike from 12 yards before Yakubu finally broke the deadlock in the 60th minute.
Gallacher's cross found the 28-year-old and he shifted the ball onto his favoured right foot before striking past Lonergan's near post.
Ellington replaced Darren Carter immediately after and the much-travelled striker set about trying to haul Preston level.
Paul Hayes just missed latching on to Ellington's ball across the face of goal, while at the other end, Kyle Naughton spurned the chance to wrap up the win when he poked wide.
He was made to regret his miss when Hayes' flick on from Lonergan's goalkick found Hume and he made up for his earlier miss by drilling a first-time shot past Weale in stoppage time.
Lonergan then produced a magnificent save to deny King to ensure Preston claimed a point.