The East Midlands outfit had an opportunity to go five points clear at the top of the Premier League table, and at one stage, it appeared that they would extend their advantage over Tottenham Hotspur.
However, a Craig Gardner free kick meant that earlier efforts from Danny Drinkwater and Andy King were only good enough to secure a share of the spoils for Leicester, despite dominating for much of the second half.
The general consensus is that Claudio Ranieri's men dropped points against opposition positioned in mid-table, but Schwarzer has suggested that there will be numerous changes in momentum during the remainder of the campaign.
Speaking to Alan Brazil Sports Breakfast, the 43-year-old said: "Between now and the end of the season there are going to be a lot of sways back and forth on who the favourite is - it’s still not a foregone conclusion who will win.
"Teams are coming to the King Power just to get a result, and they’re very satisfied with just taking a draw from us. You’ve got to learn to deal with that and try to find way of overcoming that.
"You’ve got to take the good with the bad. We were very lucky to pick up three points against Norwich at the weekend."
Leicester will drop down to second place in the table should Tottenham Hotspur earn a victory away at West Ham United on Wednesday evening, while Arsenal can also make up ground should they beat Swansea City.
Next up for Leicester is a trip to Vicarage Road to play Watford, but by the time kick-off comes around on Saturday evening, they could be involved in a three-way tie at the top should both Spurs and Arsenal win on Wednesday and the Gunners prevail in the North-London derby on Saturday lunchtime.