The Championship's league leaders were on the verge of a shock defeat to the struggling Glovers when Schmeichel met a cross from the right with a powerful header that bounced down off the underside of the crossbar.
Replays showed that the ball might have crossed the line but even if it didn't, Wood bundled home the loose ball to ensure the Foxes a point.
Speaking to Leicester's website, Schmeichel said: "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!
"I'll do everything that I possibly can to get it, but it's a little bit unfortunate because 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."
Watch Leicester's 'goal cam' view of the last-gasp strike below.