The young Foxes were on the road for their latest Premier League 2 Division 1 encounter, facing a Liverpool side looking to bounce back from a 4-1 defeat to Tottenham Hotspur Under-23s.
Following City's credible 1-1 draw at home to Arsenal Under-23s last Monday, there was just one change made to the starting XI, with Mitch Clark coming in for Ben Nelson at centre-back.
The game was only eight minutes old when Morgan Boyes was shown a straight red card for bringing down Jake Wakeling as the forward carried the ball towards the box, with the referee deeming Boyes to be preventing a goalscoring opportunity.
Leicester could have capitalised on their numerical advantage when Khanya Leshabela picked out Tyrese Shade in the area but he was unable to get a clean connection on the strike.
And it was the 10 men of Liverpool who would soon go on to score the opening goal, on 18 minutes, with Leighton Clarkson sliding in to convert Paul Glatzel's cross into the corner.
Jakub Stolarczyk was called into action to prevent a second for the hosts and his save proved crucial as City took their opportunity to restore parity. Wakeling tapped home for his 10th of the season after Kasey McAteer was initially denied by Liverpool 'keeper Jakub Ojrzynski.
However, the Foxes were level for less than a minute as Liverpool went straight back up the other end and won a penalty deep into first half stoppage-time. Daley-Campbell felled Glatzel in the box and Ben Woodburn was able to coolly slot home his spot-kick.
Into the second half, Clarkson blazed the ball over from close range and would rue that missed opportunity when McAteer's stunning goal brought the Foxes back on level terms once more. After some neat build-up play, Shane Flynn's curling cross was met by the midfielder, who emphatically fired it into the far corner on the volley.
City pushed for a winner in the closing stages with Thanawat Suengchitthawon seeing his strike blocked and going even closer when his header came back off the crossbar, before Iestyn Hughes' follow-up also hit the frame of the goal.
Liverpool were then down to nine men when Tyler Morton was shown a second yellow card in injury-time, but the full-time whistle soon followed and Leicester had to settle for a point on their travels.
The two sides meet again on Monday 10 May in the final Premier League 2 Division 1 fixture of the season at LCFC Training Ground (7pm kick-off BST).
The details...
City: Stolarczyk; Daley-Campbell (Hughes 56'), Clark, Flynn (c), Dasilva (Nelson 45'); Leshabela, Tavares; McAteer, Suengchitthawon, Shade (Hulme 45'); Wakeling.
Subs not used: Odunze, Ewing.
Goals: Wakeling 45+1', McAteer 65'.