In an action-packed match, Leicester took the lead with a fine strike from Jamie Vardy in the 10th minute and added a second in the 38th minute.
Trying to clear an inswinging corner from Anthony Knockaert, Huddersfield defender Anthony Gerrard headed the ball into his own net.
But it needed a fine performance by Schmeichel to keep battling Huddersfield at bay. He pulled off three great saves in the first half, two of them from James Vaughan.
Then an own goal from Paul Konchesky, who deflected Sean Scannell's shot into the net in the 67th minute, gave Huddersfield a lifeline.
But with Vaughan sent off in the 82nd minute for pushing Poland international Marcin Wasilewski to the ground in retaliation for a challenge, the third-placed Foxes clinched their eighth win of the season and maintained their unbeaten home record.
Pearson said of Schmeichel, who two weeks ago made the mistake that sent Leicester to defeat at Doncaster: "I wouldn't expect anything less than Kasper bouncing back and playing like that.
"Since I have been at the club, he has won us an awful lot of points."
Huddersfield manager Mark Robins also insisted that Leicester defender Wasilewski should have been sent off as well as Vaughan after their altercation.
Robins claimed the Poland international elbowed Vaughan before the striker reacted and was dismissed by referee James Adcock.
Robins said: "There should have been two red cards because there was a definite elbow thrown by Wasilewski. Vaughan has felt aggrieved about that and although his reaction was not great if there were red cards there should have been two, not one."
By the time of the red card, however, Pearson would not have been surprised to see Leicester with a handsome lead.
Pearson said: "I thought it was a good game. It was an open game and I thought the early goal changed the complexion of it.
"The fact they lined up as they did suggested they were going to try to make it difficult for us and as they showed throughout the game they have a lot of threat on the break and are a dangerous team.
"But I think scoring early made for a better game. I was delighted with our performance and I felt we deserved to win. I would back us to go out and outplay our opponents. It could have been 5-2 or 6-3 with the number of chances we had."
Robins acknowledged it was a game that could have featured many more goals, but suggested his side would not have been flattered by a draw.
Robins said :"I think the game was too open for both managers but I think everyone will agree that it was a good game to watch.
"But it is about picking up points at the end of it and we were unlucky not to do that. I think there were some really good performances and we passed the ball well in the first half.
"There are just one or two elements that we are short of in the first half.
"In the second half we knew if we got a goal they would be on the back foot and that's what happened.
"Then we lost James (Vaughan) and things changed from there. But having said that the goalkeepers were on top today. I think they were in great form and Kasper Schmeichel made one unbelievable save at the death from Duane Holmes.
"But some of the football we played was excellent. We have been good value for a point and were unfortunate not to come away with anything."