Yet the Italian, whose side could now instead find themselves knocked off the top by Tottenham Hotspur on Wednesday night, reckoned he was still delighted with his side's performance and said the draw had not altered their self-belief.
"I am more happy now than against Norwich when we won (in the 89th minute on Saturday). We were much better tonight," Ranieri told the BBC.
"We believe in ourselves. It is the same, I don't see the title. I just watch my team. We must believe until the end. Every match is important for us to understand what we can do in our life."
A fortuitous deflected shot from Danny Drinkwater and a brilliantly-executed first goal of the season for Andy King on the stroke of halftime seemed to have put the Foxes in control after an early setback.
King's goal, in particular, had the home fans in raptures because the Welsh midfielder, given only his seventh start of the season following injury to N'Golo Kante, is such a popular stalwart at the King Power, as the one remaining squad member from their third division days.
Albion, though, were in the mood from the start to play party poopers and ruin any possible 'King of the King Power' headlines.
Salomon Rondon became the first opposition player to score a league goal at the King Power in 2016 after just 11 minutes and, even when under huge pressure after halftime, Albion again struck with Gardner's 25-metre free kick leaving Kasper Schmeichel rooted to the spot.
Leicester, who had spent most of the match besieging West Brom's goal, will reflect ruefully on efforts from Jamie Vardy and Shinji Okazaki that struck the woodwork and Leonardo Ulloa almost scored in the dying seconds just as he had against Norwich.
Yet while Ranieri maintained the brave face, the result means that Spurs will leapfrog them on goal difference if they beat West Ham on Wednesday.
(Reporting by Ian Chadband, editing by Pritha Sarkar)
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