Michael Keane headed Leicester in front in the 72nd minute, but substitute Rudy Gestede grabbed a leveller for the Championship leaders in the third minute of added time.
Pearson admitted the promotion-chasing Foxes have run out of steam in recent weeks, but felt that they were denied a deserved three points at the Cardiff City Stadium.
"We deserved to win the game as we were much the better side," he said.
"It was a bit cruel on the players bearing in mind how late it was. This is never an easy place to come to and a bit of confidence has been lacking. But I thought we played very well.
"We know that our points tally of late has not been good enough and we've fallen off the pace. I just feel for the players.
"I can't remember Cardiff really creating a chance until the goal. It was fatigue, but that happens. I'm not going to get too downbeat about it.
"You've got to work your way and show courage through difficult periods. The players did that."