The Foxes had hardly threatened before Fryatt jinked past Dean Leacock and neatly stroked home on 68 minutes.
Craig Fagan earlier scored his first goal for Derby after slotting in Giles Barnes' precise through-ball.
But Fagan missed a glorious chance to win the game late on when he hit his tame effort straight at Paul Henderson.
Leicester manager Rob Kelly:
"That match showed what we are all about. We didn't shirk the challenge and I'm pleased to come back from a goal down against the leaders.
"We should have had a penalty when they broke away for their goal but we did well to brush that off."
Derby manager Billy Davies:
"I am delighted with the point but angry because I think we should have won the game.
"We stepped off the pace in the second half but although Leicester had lots of possession I didn't think they carried a threat until they scored.
"We should have at least made sure the game petered out into a 1-0 win.
"But I still feel we have taken a giant step towards the points target I have in my mind for promotion."
Leicester: Henderson, Stearman, Kenton, Kisnorbo, Maybury, Hughes (Yeates 65), Jarrett, Tiatto, Porter, Hume, Hammond (Fryatt 56).
Subs Not Used: Logan, Johansson, Horsfield.
Booked: Porter, Tiatto, Jarrett.
Goals: Fryatt 68.
Derby: Bywater, Mears, Moore, Leacock, McEveley, Fagan, Oakley, Jones (Bisgaard 74), Currie (Lupoli 80), Barnes, Macken (Teale 59).
Subs Not Used: Grant, Edworthy.
Booked: Macken, Oakley, Bisgaard.
Goals: Fagan 23.
Att: 24,704
Ref: H Webb (S Yorkshire).