Marko Futacs scored his first goal for Pompey in his first start for the club but David Nugent once again found an equaliser for the Foxes in a game that the visitors deserved at least a draw.
The Hungarian slammed in the opener after a dull 20 minutes as a cross came inot the box that was flicked on (a little fortunately) by David Norris to Futacs who blasted the ball past Kasper Schmeichel.
The lead would only last just over four minutes as Nugent managed to leap above Greg Halford and head in Paul Gallagher's free kick. Unlike his goal at Fratton Park, Nuge milked his celebration in front of his own fans.
That equaliser did not deter Appleton's men, however, as Halford went close to restoring the lead when Schmeichel missed Joel Ward's cross but the right back's header hit the post instead of the back of the net.
Liam Lawrence, who had played his best game for quite a while, then almost provided Futacs with a second goal when he chipped the Leicester keeper, only for Sol Bamba to block the big Hungarian's effort.
Ward then had a shot that Schmeichel had to tip around the post but the last action of the first half saw Stephen Henderson twice deny the home side following a goalmouth scramble.
The second half began in frantic fashion as both sides had good chances to score. Lawrence fired straight at Schmeichel from an angle, whilst Henderson stopped Andy King's shot from going in when Leicester counter-attacked.
Pompey then instigated a quick counter-attack of their own and Norris really should have done better when he was found on the edge of the box after some neat play but could only skew his shot wide.
Leicester had been dodgy at the back during the game and Dave Kitson almost scored when he beat Schmeichel to a loose ball but it unfortunately rolled wide.
Pompey were comfortable for the majority of the game but might have got away with conceding a penaltyafter Joe Mattock made contact with Jermaine Beckford in the box. It would have been soft, but you've seen them given.
The home crowd were left frustrated when a couple of last Leicester attacks were stopped by some good defending or the hands of Stephen Henderson as Pompey held on for a well deserved draw.
The only real blemish on this good performance was that both Halford and Ward picked up their fifth yellow cards of the season (right before the amnesty, too!) and will now miss Monday's game against Watford.
But we shouldn't really dwell on that now as this was the best performance from a Pompey team away from home for a long time and if we had been sharper, then we would be celebrating a well deserved win and having a really happy new year!
Pompey Player Ratings
Stephen Henderson: 7 - Made the saves when we needed him to.
Greg Halford: 6 - Solid for the most part but could have scored and shouldn't have been beaten to the ball by Nugent.
Aaron Mokoena: 6 - Came in for the injured Rocha and did well.
Jason Pearce: 7 - One of his best performances of the season.
Joe Mattock: 6 - Didn't let the Leicester boo boys get to him.
Joel Ward: 6 - Worked hard as usual.
Hayden Mullins: 7 - Always there to pick up the loose balls.
David Norris: 6 - Didn't see the best of him but still did a job.
Liam Lawrence: 6 - Delivered some decent crosses, best performance for a while.
Dave Kitson: 6 - Did fairly well sitting just behind the main striker.
Marko Futacs: 8 - Impressive showing, can hold the ball up and is difficult to defend against. Powerful shot too.
Substitutes
Jamie Ashdown
Hermann Hriedarsson
Ryan Williams
Erik Huseklepp
Benjani