In a game of few chances at Bloomfield Road on Saturday, the Foxes had the chance to snatch all three points early in the second half when debutant Harry Kane was tripped inside the box.
Wood, prolific since joining Leicester from West Brom in January, stepped up but blasted his spot-kick against the crossbar.
Pearson has backed the New Zealand international, who has scored eight goals in as many matches for his side, to bounce back.
He said: "That is the first piece of disappointment Chris has had to deal with since he has been here. He is a level-headed lad and these things happen. We just have to move on from it.
"We had other opportunities as well, but there is no doubt it was a key point in the game."
Pearson, meanwhile, was impressed by on-loan Tottenham striker Kane, who made his first appearance for the club on Saturday, starting alongside David Nugent and Wood in a three-pronged attack.
"I think it was a good debut by Harry," said Pearson. "He made a great chance for himself in the first half. It was fantastic technique and a good save from the goalkeeper.
"He showed a lot of tactical knowledge as well. His understanding of the systems we used was very good.
"I am delighted to have him on board. He coped with it pretty well."
Kane joined Leicester last Thursday and the England Under-19 international will spend the remainder of the season with the Foxes.