But it was a different story after the break as Coventry rallied and got back in it through James McPake, before snatching a point in the 87th minute when Gary Deegan tapped in from close range.
Leicester could not repeat their impressive first-half display after the interval, but Pearson backed his players.
"We were by far the better side in the first half. Second half - give them credit, they played much better," he said.
"I think the draw is fair. Their second-half performance warranted a draw. We still had some opportunities."
Asked directly if he felt his players under-performed in the second period, a hostile and aggressive Pearson snapped back: "I have got no complaints with my players at all. If you think I am going to criticise my players in front of you, forget it."
Pearson did admit that it was two points dropped, though, and although a top-six berth looks a certainty for the Foxes going into the run-in, he is keen to avoid complacency.
"It is a tough league. I think it is two points dropped. We have had to work very hard to get ourselves into this situation," he said.
"I think it is bit of a wake-up call for anyone who thinks we are over the line. We didn't quite see the situation through."
Coventry boss Chris Coleman revealed he gave his players a verbal bashing in the dressing room after a dismal first-half showing.
But the Welshman was delighted with his side's comeback.
"It was a classic example of a game of two halves," he said. "First half we were poor, second we were good. It was a good derby.
"I spoke to them about tactics and then I spoke to them about a few other things.
"They came out and gave me a response. If you haven't got 11 players who are ready to work then tactics don't matter.
"They came out in spite of me, maybe because of some of the things I said to them."
There was some controversy surrounding Leicester's second goal as King's header crashed off the underside of the bar.
The referee's assistant immediately flagged to award the goal, but TV replays have since cast doubt as to whether all of the ball crossed the line.
And Coleman was unhappy with the decision.
"When I have seen it again I am not sure," he said. "It was a tough one to call. Look from his view again and I am not sure he can call that."