In a game of few chances at Bloomfield Road on Saturday, the Foxes had the chance to snatch all three points early in the second half when debutant Harry Kane was tripped inside the box.
Wood, prolific since joining Leicester from West Brom in January, stepped up but blasted his spot-kick against the crossbar.
Pearson has backed the Kiwi, who has scored eight goals in as many matches for his side, to bounce back.
He said: "That is the first piece of disappointment Chris has had to deal with since he has been here.
"He is a level-headed lad and these things happen. We just have to move on from it.
"We had other opportunities as well, but there is no doubt it was a key point in the game."
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