Striker David Nugent rose to meet a Danny Pugh cross and head the ball in off the bar in the 34th minute to put the hosts ahead.
The Sky Blues levelled with 10 minutes remaining when Dele Adebola slotted home left-footed from 12 yards.
But a point was enough for Preston to replace Cardiff, who lost to Stoke, at the summit of the division.
Preston boss Paul Simpson:
"In the summer if somebody had offered us being top at the end of November, we'd have snapped their hands off.
"So when the dust settles and my head calms down I'll probably be chuffed."
"We're delighted with the four points and we showed a lot of spirit again.
"If we'd drawn both games we would have been delighted but we've had four points so we're making progress.
"We possibly deserved more and we were delighted with the opening 30 minutes where we created chances."
Preston: Nash, Alexander, St. Ledger (Wilson 15), Chilvers, Pugh, Sedgwick, Miller (Lewis Neal 74), McKenna, Whaley, Agyemang (Dichio 81), Nugent.
Subs Not Used: Chris Neal, Ormerod.
Goals: Nugent 35.
Coventry: Marshall, Duffy (Kyle 78), Page, Ward, Hall, Cameron (Tabb 68), Doyle, Clarke, Currie, Adebola, McKenzie (John 68).
Subs Not Used: Birchall, Bischoff.
Booked: Adebola, Ward, Tabb.
Goals: Adebola 80.
Att: 13,104
Ref: R Lewis (Shropshire).