Both sides came into the fixture still searching for their first league win of the season, and it was the returning Jordan Ayew who almost gave the visitors an early sighter after being picked out at the back post, but the former Palace man hit his shot into the ground and over.
Oliver Glasner’s men soon began to take control of possession, with Adam Wharton pulling the strings in midfield.
However, just as the hosts looked comfortable, the Foxes hit them on the break and broke the deadlock midway through the half.
Wharton was dispossessed on the halfway line by Wilfred Ndidi, who released Jamie Vardy through on goal and in true Vardy fashion, he showed pace to nick the ball past the onrushing Dean Henderson and slam the ball home.
Palace responded well after falling behind and finished the half off strongly, with Eberechi Eze flashing a shot narrowly wide.
Leicester made Eze pay and doubled their lead within a minute of the restart, after Nathaniel Clyne inadvertently diverted the ball into the path of Ndidi in the box. The Nigerian picked out Stephy Mavididi, who made no mistake this time and volleyed home.
Jean-Philippe Mateta then halved the deficit 90 seconds later though, guiding the ball home from Tyrick Mitchell’s cross into the box.
With a newfound gleam in their collective eye, the home side went in search of a second, and Palace debutant Eddie Nketiah almost got it, but his low effort drifted inches wide of the post.
Despite the frantic manner of the second half, neither side looked like they were going to net again.
However, Palace were gifted an opportunity to steal a point in stoppage time after Conor Coady hacked Ismaïla Sarr down in the box, and Mateta took full advantage by putting the spot kick away, stealing a vital point for the hosts.
After looking down and out early in the second half, this is very much a point gained for Palace, with Leicester’s defence once again leaving more questions unanswered.
Flashscore Man of the Match: Wilfred Ndidi (Leicester City)