The in-form Foxes have now claimed 13 points from their last five games and had David Nugent to thanks for another three point haul in Somerset.
Nugent led a swift counter-attack before teeing up Lloyd Dyer to break the deadlock in the 54th minute and slotted home his fifth penalty in his last five Sky Bet Championship appearances 11 minutes later to put the visitors in control.
Dyer and Jamie Vardy were both guilty of a number of misses and when James Hayter pulled a goal back from the spot with five minutes remaining it looked like they could life to regret their missed opportunities.
But after watching his side hold out for the three points Pearson wished he had been breathing a little easier.
"We should have been out of sight, lets be honest," said Pearson.
"I don't think anybody could argue that we didn't deserve to win. With the number of chances we've created we could have won by six.
"On another night we could be frustrated by having not put them out of sight.
"These are tough places to come to. Its a long journey, it is not the nicest night and we've had a display where our fans can see how much we care.
"It is a good win, the players are continuing to improve as a group. All in all it is a good win but it could have been more convincing but we will improve."
Nugent's match-winning penalty, awarded for a foul by Dan Seaborne on Ritchie De Laet, was his second in four days and their eighth of the season in all competitions.
But Pearson believes they could have had more and pinpointed the pace on both flanks as a reason why they have been awarded quite so many spot-kicks.
"The reason we have eight penalties is because we get in the box a lot," he said.
"We've got quick, technical players who beat defenders.
"We could have had 10, we've had some decisions go against us as well.
"Our players take a lot of credit for committing players in the final third. That is why we've had a lot of penalties and had success so far."
How opposite number Johnson could do with the Foxes' wealth of talent in front of goal.
His side's late consolation was their first Championship goal at Huish Park this season and substitute Hayter's cool penalty was the first goal by a Glovers forward.
Their wait for a home win this campaign goes on but Johnson took heart from his side's display in what he saw as an evenly-matched 90 minutes.
"It is a learning curve for our boys" he said.
"We haven't got that many lads with experience in the Championship like they have.
"You could see that both teams played with a tremendous amount of power and pace but they just had that little extra quality where it mattered in their two goals.
"We still gave it a go and it was nice to get a home goal.
"We did create a good Championship football match and we were part of that - maybe the difference was that little bit of quality needed to score a couple of goals every game."