Schmeichel looked to have emulated his father Peter, who scored a number of goals in his playing career, by rescuing a 1-1 draw for Leicester at the King Power Stadium on Tuesday.
The Dane saw a thunderous header crash off the underside of the crossbar, with the ball appearing to cross the line before Wood converted the rebound to make sure a goal was awarded.
However, the Football League confirmed on Wednesday that the New Zealand international will be credited with the goal.
"After consultation with the match officials, we can confirm (Leicester's) equalising goal last night has been awarded to Chris Wood," the organisation stated via their official Twitter account.
Leicester sit three points clear of Burnley at the top of the Championship, having played a game less than Sean Dyche's men.
