Schmeichel, son of former Manchester United keeper Peter, went forward for a corner in stoppage time in the Championship (second tier) clash on Tuesday and headed against the underside of the crossbar.
Wood followed up to make sure the ball had crossed the line but Schmeichel was initially credited with the goal with TV replays also showing that the Dane's thumping header had apparently bounced down across the goalline.
Kasper Schmeichel's 92nd minute equaliser last night! http://t.co/CHdEy1Qfad
— Football Vines (@FootballVines) March 26, 2014
Despite the evidence, Leicester said on their website that the Football League had consulted with match officials on Wednesday and decided that the linesman had not raised his flag to indicate a goal. "I think anyone that has seen the TV replays will see that the ball was over the line," Schmeichel, whose father scored several goals, told Leicester's website.
"It's a bit dismaying that the linesman didn't flag for a goal straight away, so it was good that Chris Wood was alive and followed it up, but I'm definitely claiming it!"
"In your career as a goalkeeper, you may only get one chance to score a goal and I've sort of half been denied the celebrations."
Nonetheless, Championship leaders Leicester look set for a return to the Premier League.
The Foxes top the division, three points ahead of Burnley who occupy the second automatic promotion slot with third-placed QPR a further 10 points back.
Champions League winning keeper Schmeichel senior was no stranger to causing havoc in the opposition box, scoring several goals during his career - including one for United against Rotor Volgograd in a UEFA Cup tie in 1995:
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