Following victory over Norwich City on matchday one, the side coached by Adam Barradell put another point on the board against the Seagulls.
The Foxes led twice in the game, firstly through Kirsten Otchere's opener, which was cancelled out by Ronnie Gorman's equaliser.
Yassine Toure's strike then regained City's advantage with 20 minutes to play, but the visitors weren't done there and once again pulled back level.
Gorman's second of the game, converting a penalty deep into stoppage-time, secured a draw which leaves the two sides on four points each in U18 Premier League South, with Brighton third and Leicester fourth on goal difference.
Fulham Under-18s are next up this Saturday, travelling to Motspur Park for a 12pm BST kick-off.
The details...
City: French; Aluko (Khela 58'), McAlinney, Gray, T. Thomas; Neale, Donnelly (Lawrence 90'), Dyke; Onanaye, Toure, Otchere (Loureiro 84').
Subs not used: McNab, Evans.
Goals: Otchere 23', Toure 70'.