The two sides met four times last season, three of which ended all square, and they could not be separated yet again as Forest twice hit back to level.
Forest defender Elliott Ward, on loan from Norwich, put through his own net to hand Leicester a seventh-minute lead before Adlene Guedioura equalised midway through the first half.
David Nugent's superbly-taken lob, his seventh of the season, put the Foxes back in front before the break but Simon Cox's second-half penalty, Forest's first from the spot in 14 months, levelled matters.
Leicester will feel hard done by having bossed the derby, while they were denied strong penalty claims of their own after Cox's equaliser when Simon Gillett appeared to handle in the area.
It was a first home draw of the campaign for Nigel Pearson's side, who have now won just one of their last six in the npower Championship.
Leicester, having dominated the early exchanges, drew first blood early on.
The goal owed much to the determination of the lively Martyn Waghorn, who harried and eventually won the ball before laying it off to Lloyd Dyer. He beat his man and crossed low from the left and Ward could only divert into his own goal.
Andy King almost levelled with another own goal at the other end, his flick narrowly going out for a corner after Kasper Schmeichel failed to collect.
But Forest did level with arguably their first meaningful attempt after 22 minutes.
The Reds cut their hosts open far too easily with a simple move down the right which ended with Guedioura side-footing home from 10 yards.
The leveller briefly gave Sean O'Driscoll's side greater confidence, but it did not last long as Nugent put Leicester back in front.
Talented Frenchman Anthony Knockaert sent Nugent clear with a delightful throughball and the striker sent an inch-perfect lob over Lee Camp.
Dyer rounded Camp as the Foxes went in search of a crucial third prior to the interval but the winger could not prevent the ball from running out.
Leicester passed up a superb chance to effectively wrap matters up four minutes after the break, Waghorn taking marginally too long to get his shot off and, with Camp beaten, allowed Ward to clear off the line.
Waghorn deserved a goal of his own but his header was well kept out by Camp just before the hour mark.
Cox fired off target for Forest from edge of the area when he should have done better but it was always Leicester who looked the more dangerous, Camp again called into action to deny Dyer.
Yet out of nowhere Forest drew level.
Leicester gave possession away cheaply and Zak Whitbread brought down Billy Sharp in the penalty area, leaving Cox to take the honours from 12 yards.
Home fans were furious minutes later when Dyer's drilled effort appeared to rebound off the hand of Forest's Gillett in the penalty area.
That proved the final meaningful moment of the encounter as Forest took a point which will have pleased them more, despite now boasting one win in five.