Leicester signed Albrighton from Aston Villa at the start of the season and he was expected to play a key role for them.
However, the 25-year-old barely played for Leicester until the season reached its crunch stage when he finally showed his worth.
"He has had an up-and-down season, there is no doubt about that," Pearson said. "I think he will be the first to agree with that. He has had limited opportunities because our other wide men at the time were our best players.
"When he did have chances he didn't really take them but he has certainly taken this opportunity. To play as a wing-back now, I think he has proved he does both sides of the job very well. He takes an awful lot of credit for that. I'm very pleased for him."
Albrighton made just two starts until April, but he established his place in the team for the final nine games of the season.
During the course of those fixtures, the energetic wide man impressed and was a key part of Leicester's successful survival bid.
Pearson's side won seven of their last nine matches to stay in the Premier League and the task for them will be to push on next season.
Leicester will be hoping for a mid-table finish in the 2015-16 campaign and Albrighton will be aiming to play a big part in their season.