In a game you could not take your eyes off, the Foxes dominated the early exchanges with the swagger and authority of a Premier League team in waiting, and Jamie Vardy put them into a deserved 20th-minute lead when he was on hand to tap in Ritchie De Laet's cross.
De Laet needlessly gave away a corner towards the end of the half though, and Matt Kilgallon headed in his first Rovers goal.
Both sides created chances in a second half that could have gone either way, which is why Shakespeare felt it was a good result for Leicester, who are still five points clear at the summit.
He said: "I think we had the best clear-cut chances in the game but I think if we'd taken all three (points), with Blackburn's performance, they'd have been disappointed not to take something out of it.
"Tightly fought but I thought they gave us as good a game as we've had all season. At the start of the second half they were on top but we probably shaded it in terms of the best chances.
"So we're slightly disappointed but on the positive we tick another game off.
"We've said we have to look at it as a point gained. As you get to what people call the business end of the season, we have to see it as a point gained."
Shakespeare also reserved special praise for Vardy, whose lively game saw him bag his 16th goal of the season, blaze over from close range and hit a post after rounding Paul Robinson, and Leicester's assistant manager thinks his attitude epitomises what the league leaders are all about.
"It's well documented that he had a bit of an indifferent end to last season," Shakespeare said.
"He came back in the right frame of mind mentally which is important. He stayed clear of injuries but us as a team, we like to press from the front.
"They (the strikers) start us off and Jamie's been a catalyst for us in terms of that, but we're also pleased with his goal return this season which is important as a striker."
The draw ended a run of two defeats on the bounce at Ewood Park for Blackburn.
And after seeing his players respond to going a goal down with a stirring performance that could have ended in victory, but for some superb saves from Kasper Schmeichel, Gary Bowyer thought his side had put in one of their best displays of the campaign.
He said: "I thought we were excellent. It was a great game of football. They're a top team with a top manager and we've gone toe-to-toe and had a right good go.
"We did ever so well throughout the game. Our response to going 1-0 down was good and in the second half had a right good go.
"It's certainly one of the better performances this season. There haven't been too many performances where we haven't competed, but against the league leaders we've got to be pleased with that. But we can't rest on our laurels now.
"We equalised at a good time and encouraged the players to keep having a good go. We'd done it for 45 minutes and challenged them to do it again, which they did."