Both sides exchanged chances at AMEX Elite Football Performance Centre, with Jamie Mullins going closest for the home side, while Amani Richards also rattled the crossbar in the second half for the young Foxes.
City youngster Tom Wilson-Brown, on the other hand, was also denied from close range later on, as the side coached by Ben Petty settled for a point in Brighton.
It means Leicester's Under-21s end the calendar year in 21st position in the newly-formed, 26-team Premier League 2 table, with eight points from nine matches.
They'll return to action in the New Year with a clash against Newcastle United in Seagrave on Monday 8 January (7pm GMT kick-off).
The details...
City: Young, Cover, Wormleighton, Godsmark-Ford, Wilson-Brown, Cartwright, Raikhy, Thomas (Ali 90+1'), Briggs, Joseph (Hill 69'), Pennant (Richards 59').
Subs not used: Doherty, Grist.
Image: Brighton & Hove Albion FC.