A stoppage time goal from Forest gave them an unexpected share of the points after they had gone two goals down in the first half.
It was a disappointing half for Forest who gave the ball away to concede both goals and created no more than a couple of chances on goal.
Forest looked more threatening as the second half progressed and got a goal back from the penalty spot.
And they had the advantage of playing against ten men for the final ten minutes when Leicester had their keeper sent of for two yellow cards and the equalizer came just as it looked like they had run out of time.
After an evenly matched first 15 minutes, with no chances for either side, Lee Camp
made two saves in quick succession.
The first from Neil Danns' corner fell for David Nugent whose header produced a good save from the Forest keeper.
The second came from Sol Bamba, who got on the end of the ball just to the left of the 6-yard box and Camp did well to beat it away for another corner.
Leicester took the lead on the 18th
minute after a poor cross from Jonathan Greening was intercepted by Gelson Fernandes who went clear and crossed the ball to an unmarked Nugent, who slotted the ball into an empty net.
And the second was not long coming when Forest again gave the ball away in midfield allowing Danns to intercept the ball. His shot was brilliantly cleared off the line by Chris Gunter
but Fernandes pounced on the rebound and it was another easy goal.
Forest reacted well by pushing forward into the Leicester box, but the final ball from Boateng was well caught by Schmeichel.
Forest's best chance of the half came from a brilliant cross by Gunter along the 6-yard line to Matt Derbyshire but he didn't get enough on his header and the ball went wide.
There was a double substitution at half time for Forest, with Ishmael Miller coming on for Derbyshire and Robbie Findley
replacing David McGoldrick
Forest won a free kick when Richie Wellens brough down Jonathan Greening 20 yards out. McGugan stepped up to take it but his effort came of the wall and Leicester cleared.
Leicester made a quick break with Danns making a run down the left, crossing right across the face of goal and behind for a goal kick.
With Forest still unable to make any impact on the game Radi Majewski came on for Brendan Moloney.
Findlay almost got one back for Forest, when he ran onto a long ball from Miller, but his first effort was blocked by Kasper Schmeichel and came back out to Findlay but he was unable to get the ball under control and his second effort went over.
And Schmeichel had to save again a minute later when Miller used his power to turn in the box and get a shot in on target.
Forest had their best period of the game and the crowd reacted by getting behind the team.
And they got a goal back in the 79th minute from the penalty spot. It came after Gunter got away down the right and fired in the cross which was stopped by a hand ball from Mills. The Leicester player was booked, as was Schmeichel for arguing.
McGugan blasted the ball past the keeper but then Leicester were dramatically down to ten men when Schmeichel picked up a second yellow card for throwing the ball away in disgust.
McGugan had a chance to put the game back on level terms in the 90th minute when they won a free kick 20yards out to the left, but his effort hit the wall and went out for a corner.
The equalizer came four minutes into stoppage time when Chris Cohen sent the ball into the 6-yard box. It went over the substitute keeper and Boateng scrambled it in at the far post.
Forest: Camp, Moloney (Majewski 65mins), Morgan, Chambers(C), Gunter, Greening, Cohen, Boateng, McGugan, McGoldrick(Miller 45minHT), Derbyshire(Findley 45minHT)
Subs not used: Smith, Lynch
Scorers: McGugan pen 79min, Boateng 90+4min
Leicester: Schmeichel, Konchesky, Pantsil, Mills(C), Bamba, King(Abe 84min), Vassell, Wellens, Danns(Weale 80min), Fernandes, Nugent (Gallagher 64mins)
Subs not used: St Ledger, Schlupp
Bookings: Mills 78min, Schmeichel 78,79min RED CARD
Scorers: Nugent 18min, Fernandes 21min
Referee: J Moss
Attendance: 24,426 Away 4,080