Peter Crouch stepped off the bench to bury a late header and deny new Leicester boss Claude Puel back-to-back wins.
Riyad Mahrez, the 2016 PFA player of the year, earlier put over a 33rd minute corner which led to Vicente Iborro's opener.
Mahrez then scored with a left-foot finish in the 60th minute after Xherdan Shaqiri levelled before the break.
Potters keeper Jack Butland arguably should have saved it but it went under him infront of England boss Gareth Southgate in the stands.
And the points were heading back to the King Power Stadium until Crouch nodded in Shaqiri's corner in the 73rd minute.
It took time for the contest to spark into life as the most notable early incident was the 23rd minute replacement of injured referee Robert Madley by Jonathan Moss.
Despite Leicester dominating possession, the hosts should have taken the lead in the 28th minute when Ramadan released Maxim Choupo-Moting through the middle.
He cut inside Harry Maguire but Kasper Schmeichel got down well to his left to make the block.
It proved a critical moment as Leicester then deservedly made their dominance pay.
Mahrez swung over a corner, Maguire knocked it down at the backpost and the Iborra smashed in an unstoppable left-foot half-volley from six yards.
Leicester might have gone in further ahead but Jack Butland stopped Shinji Okazaki's header.
The influential Iborra also spurned two other chances and Shaqiri capitalised before the break.
The Swiss ace converted a curled left-foot finish into the net off the post after Choupa-Moting's clever pass split Leicester open.
After the re-start Mahrez went close on two occasions but Schmeichel still needed to make a fine save from Ryan Shawcross' header at the other end.
It proved crucial as Mahrez struck to continue his hot run.
He has now has been involved in four goals in his last four top-flight appearances, which is as many as he had been in his previous 17 games.
But Stoke got a deserved point from an improved second half display when Crouch struck despite Vardy then missing a late chance to win it.
Winner?
Can either side pinch all three points here?
Just going into stoppage time now, there’ll be four minutes of them.
Crouch goal in pics
Mahrez's goal in pics
2 from 2?
Claude Puel beat Everton last week.
And is now beating Stoke.
In hindsight he wasn’t that bad at Southampton...
Shaqiri goal in pics
Lovely finish this.
And came at the end of a top move.
Iborra's goal in pics
The Spaniard is off the mark in a Leicester shirt.
After a knock down he absolutely leathered his half volley.
Almost took Butland’s hand off.
First half action
The only action of note has been a referee substitution.
Bobby Madley has a calf strain so Jon Moss is now the man in the middle.
In terms of actual football, Okazaki probably should have tapped in earlier, but didn’t.
Gareth Southgate
The England boss is here!
He’ll no doubt be scouting out Butland and Maguire as his World Cup plans start to hot up.
He hasn’t had much to make notes on yet.
Stoke arrive
Leicester team news
Stoke team news
Stoke captain Ryan Shawcross is an injury doubt for the visit of Leicester.
Manager Mark Hughes is hopeful the defender will recover from a thigh injury in time but has fit-again Bruno Martins Indi on hand to deputise.
Geoff Cameron is not ready to return after concussion but veterans Peter Crouch and Glen Johnson are both available again.
Leicester are waiting to see if Ben Chilwell will recover from a minor knee knock.
The left-back, who started in the 2-0 win over Everton on Sunday, will be assessed ahead of Saturday’s trip to the bet365 Stadium.
Robert Huth (knee) continues to sit out while midfielder Matty James is also troubled by an Achilles problem ahead of Claude Puel’s second game in charge. Adrien Silva will remain unregistered until January.
Stoke squad: Butland, Grant, Zouma, Wimmer, Shawcross, Martins Indi, Johnson, Pieters, Ngoy, Edwards, Diouf, Fletcher, Allen, Adam, Afellay, Jese, Shaqiri, Choupo-Moting, Sobhi, Berahino, Crouch.
Leicester squad: Schmeichel, Jakupovic, Hamer, Simpson, Fuchs, Morgan, Chilwell, Maguire, Dragovic, Wasilewski, Benalouane, Iborra, Ndidi, Amartey, Gray, Albrighton, Mahrez, Musa, Vardy, Ulloa, Slimani, Okazaki, Iheanacho.