Following defeats by Durham, Sheffield United and Millwall Lionesses, Jonathan Morgan's Foxes side raced into a two-goal lead over the Bees at Farley Way.
Inside just three minutes in Quorn, City went ahead with a brilliant volley from Leigh Dugmore, before new signing Lucy Johnson picked her spot in the 21st minute.
The visitors hit back on the cusp of half-time, however, as Lauren Pickett rounded goalkeeper Scarlett Field and finished well to half the arrears for the Bees.
When Nikita Whinnett made it 2-2 five minutes after the interval, Leicester needed to show resilience to remain on course, especially after Pickett put the visitors in front with six minutes to go.
However, the Foxes showcased an impressive mentality to rescue a point in the 87th minute as Nat Johnson headed home to secure City's first point of the new season.
As a result, Leicester climb to 10th place, with one point from four matches, ahead of Sunday's League Cup clash against Manchester City at Academy Stadium (2pm BST kick-off).
The details...
City: Field, N. Johnson, Everett, Morgan (c), Smith (Bailey-Gayle 70'), Blanchard, Paul, James, Dugmore, Brown, L. Johnson
Subs not used: Cataldo, Nuttall, Jhamat, Taylor, Popple
Goals: Dugmore 3', L. Johnson 21', N. Johnson 87'