Both sides had reason to celebrate - City stretched their unbeaten run to four games since Milan Mandaric's takeover, while the Baggies now top the Championship on goal difference courtesy of Derby's defeat at Sunderland.
Jason Jarrett should have given City a fifth-minute lead instead of side-footing Iain Hume's corner over the bar from just four yards.
Leicester continued to test Albion with Geoff Horsfield setting up Levi Porter whose 20-yard drive forced Dean Kiely into a fingertip save.
Albion had to wait until the 18th minute for their first serious threat when Paul Henderson was forced to parry Kevin Phillips' 15-yard drive.
But it was West Brom that opened the scoring on 27 minutes when Neil Clement sent Diomansy Kamara racing into the penalty area where he was upended by Alan Maybury.
City could have few complaints about the penalty which Kamara hammered home low to Henderson's right for his 21st of the season.
It was also the sixth successive away match in which the Senegal-born striker had found the net.
That appeared to settle Albion's nerves and within moments Phillips' lobbed 15-yard shot almost deceived Henderson who recovered at the last moment to fingertip the ball over the bar.
But Leicester were deservedly level on 35 minutes when Patrick Kisnorbo floated in a free-kick and Gareth McAuley outjumped Curtis Davies to score with a header which looped beyond Kiely.
There was controversy just before the break when Horsfield escaped any reprimand after he caught Paul McShane in the face with a raised arm.
Soon after the restart Kisnorbo came to City's rescue when he matched Kamara stride for stride to get in a vital tackle just as the lethal hit-man was about to pull the trigger.
Just after the hour mark Maybury almost made amends for his penalty crime with Kiely grateful to push away the full-back's 20-yard drive.
Stephen Hughes then squandered two opportunities in quick succession for City, first firing over from 12 yards and then failing to hit the target with a header close in after good work down the left by Porter.
Five minutes from the end, Kiely kept Albion's unbeaten run intact when he kept out Kisnorbo's close-range header.
In the final moments Albion launched a flurry of raids in a bid to find a winner but resilient City held out for a deserved draw.