With relegation rivals Nottingham Forest, Leeds and Southampton all losing over the weekend, fans inside the King Power Stadium knew three points could be season-defining in maintaining top-flight status.
Defensive nerves clearly played their part moments later as referee Michael Oliver showed no hesitancy in pointing to the spot after a clumsy foul from Timothy Castagne on Dominic Calvert-Lewin.
Having gone nine Premier League games without a goal against the Foxes, Calvert-Lewin showed great courage to step up and made no mistake, firing centrally to open the scoring.
Dean Smith’s men didn’t lie down though, hitting back just seven minutes later through Caglar Soyuncu, who swept home on the half-volley despite a slip after the Toffees failed to clear a set-piece.
Atmosphere had reached fever-pitch inside the stadium and Jamie Vardy, who hadn’t scored in 15 league starts prior to tonight, rolled back the years to put his side in front with a trademark goal.
After being set free by James Maddison, the 36-year-old showed a clean pair of heels to Michael Keane before rounding Jordan Pickford and tapping into an open net.
Things went from bad to worse for Keane in a half that he will want to forget as he handled a Harvey Barnes’ cross moments before half time and conceded a penalty.
Maddison stepped up and copied Calvert-Lewin in shooting straight down the middle, but unfortunately for him Pickford had anticipated the move and held firm.
That save saw the pendulum swing once more, with a Sean Dyche half-time team talk seemingly doing the business in firing up his front men. Iversen was once again on hand to deny Calvert-Lewin with his feet, but could do nothing as Alex Iwobi pulled his side level on the half-volley, pouncing on the second ball as Wout Faes tried to clear.
Both sides went in search of a critical winner, which was almost handed to the Foxes on a plate by Pickford as he got caught in no man's land only for Vardy’s effort to graze the side netting.
In the end both sides settled for a draw as the defences tightened up in the second period, which looks a much better result for the home side considering Everton’s next four fixtures feature three away games and a meeting with defending champions Manchester City at home.
Leicester escaped the drop zone on goal difference and plunged rivals Nottingham Forest into the bottom-three, while the Toffees remained 19th.
Flashscore Man of the Match: Caglar Soyuncu (Leicester City)