Linked with a £3.5 million move to Manchester United in the morning tabloids, the Italian hit-man showed that he is still committed to the Hammers' cause by grabbing the opportunity to make amends for his woeful spot-kick effort against Aston Villa at the beginning of the month.
All hell had broken loose after the consequently-dismissed Matt Elliott tripped Joe Cole in the box and then appeared to head-butt Trevor Sinclair but, as the hot-heads raged, the ice-cool Italian was the calmest man on the pitch as he stepped up to rescue West Ham from almost certain defeat.
After seeing Fredi Kanoute fail to shake off his thigh strain, Glenn Roeder had made just one change from the side that had drawn with Arsenal as four-goal Jermain Defoe came in for the Frenchman.
Despite the laying of overnight pitch covers the low Midlands' temperatures were always going to make for haphazard conditions and both sides struggled to find their feet throughout.
And in an opening period littered with mistakes and unconvincing defending, goal chances were few and far between as Defoe sent a wayward, low 20-yarder skidding across the rocky top while Brian Deane produced a couple of opportunist headers.
As the jitters began to cascade through the shaky visitors' defence, ex-Hammer Andrew Impey looked to have broken the deadlock on the half-hour when he hooked home only for referee Eddie Wolstenholme to rule his effort out for Deane's shove on goalkeeper David James.
At the other end, West Ham finally started to find some rhythm as Don Hutchison outjumped Deane to nod over Paolo Di Canio's inswinging corner and then a fine free-flowing move involving the Italian and Joe Cole climaxed with Ian Walker plucking the ball off Defoe's toes.
But West Ham were still looking edgy at the back and when James spilled a corner three minutes before the break, there was to be no second chance. For when Stefan Oakes' resulting flag kick was only half-cleared, Muzzy Izzet drilled a low 18-yarder back through the pack and into the bottom right-hand corner.
Things could have got even worse just after the restart as James Scowcroft's far post header was saved before Stewart fired into the side netting.
Up until now, it had been hard to accept that these were the same 11 Hammers who had triumphed so spectacularly at Old Trafford just a fortnight earlier. On the hour, however, the first signs of recovery began to sprout as Christian Dailly picked out Defoe, who outpaced his markers before running out of pitch and firing his tightly-angled shot high into the stands and then deposited another 20-yarder into the crowd.
Then with 20 minutes remaining, East End fortunes changed in explosive and dramatic fashion as Cole tried to weave a path between Frank Sinclair and Matt Elliott - who had earlier been booked for chopping Trevor Sinclair - inside the Foxes' box.
There looked to be clear ankle contact as the Hammers' midfielder hit the turf after being caught from behind by Elliott, but as referee Wolstenholme pointed to the spot, the furious Leicester skipper's berating of Cole led to an unsightly melee that culminated in a clash with the seemingly butted Sinclair that earned him a straight red card and a booking for the West Ham wide man.
Throughout, Di Canio waited patiently to take the penalty and as peace was finally restored he nonchalantly chipped his kick to right of Walker as the 'keeper helplessly dived left.
Having equalised, the smart money was on West Ham making their advantage count against depleted Leicester but, sadly, a furious finale was more about retribution as the booked Robbie Savage exacted his revenge on Cole who, himself, was then cautioned for felling Izzet.
"It just goes to show how one moment can change a game," said dejected Dave Bassett afterwards. "I felt we were in control and couldn't see West Ham scoring, but instead of going and getting a second goal, we've ended up giving away a disappointing penalty and have had to settle for a point."
Minute-by-minute:
2 - Oakes floats a free-kick into the area that is met by Deane, whose header drops weakly to James.
5 - Hutchison's dangerous cross from the right is narrowly missed by the head of Di Canio.
13 - Di Canio feeds Defoe, who turns neatly with his back to goal but fires a tame shot wide of the target from 25 yards out.
22 - Stewart's deep cross finds Deane unmarked but the striker heads over under pressure from Winterburn.
28 - A long ball over the defence isn't dealt with by Schemmel or Dailly but Impey's effort is ruled out after Deane's foul challenge on James.
37 - Di Canio's corner is met by Hutchison, who outjumps Deane but heads just over the bar.
39 - Hammers' best move of the match so far, as the breaking Cole releases Di Canio, who in turn slides an intelligent pass behind the defence for Defoe to run on to. Sadly, he fails to make proper contact with the ball.
43 - GOAL. An Oakes corner is only half-cleared and as Cole and Carrick fail to take control of the loose ball, Izzet nips in to fire a fierce low shot that whistles past a static James. Leicester City 1 West Ham 0.
Added time: 1 minute.
Half-time: Leicester City 1 West Ham United 1.
Second half:
48 - An Impey cross finds Scowcroft unmarked, but the striker's header is easily held by James.
50 - Schemmel concedes possession on the right and allows Stewart to skip into the box unchallenged before firing in a weak shot that thankfully dribbles wide.
60 - Elliott booked for foul on Sinclair.
61 - A searching pass from Dailly finds Defoe, who advances into the box but fires his effort high over the bar.
64 - After some intricate build-up play, Defoe's snapshot from the edge of the area again flies over.
71 - The game finally sparks into life for the Hammers as Cole receives a pass in the area and twists and turns before being brought down by Elliott for a clear penalty. Referee Wolstenholme points to the spot and in the chaos that ensues, Sinclair is booked and Elliott receives a straight red card.
73 - GOAL! Di Canio impudently chips home from the penalty spot. Leicester City 1 West Ham 1.
73 - Substitution for Leicester City, Rogers replaces Impey.
74 - Savage booked for foul on Cole.
78 - Cole booked for foul on Izzet.
79 - Hammers attack on the break and Cole releases Defoe, who turns inside Stewart and curls a shot that is well saved by Walker.
81 - Substitution for Leicester City, Akinbiyi replaces Deane.
84 - Substitution for Leicester City, Wise replaces Oakes.
88 - Substitution for West Ham, Kitson replaces Defoe.
89 - Wise's corner is met by Scowcroft, whose shot on the turn is deflected off Schemmel for a corner.
Added time: 2 minutes.
Full time: Leicester City 1 West Ham United 1