Visitors Brighton had the opportunity to take the lead after James Justin had fouled Aaron Connolly in the box, but Schmeichel dived smartly to his right to deny Neal Maupay's penalty effort.
"Kasper has made a great save from the penalty, he's invaluable," Rodgers told British media.
"There is absolutely no doubt that he is one of the top goalkeepers in this league. Just his presence in the goal and his leadership.
"He studies penalty takers and puts in the work and he's so agile. He has been absolutely brilliant in the two games back."
Leicester are third in the Premier League with 55 points from 31 games, four points clear of Chelsea below them. The Londoners could close the gap if they can secure a victory over Manchester City on Thursday.
Rodgers' side face Chelsea in the FA Cup sixth round on Sunday, before returning to league action with a match against 12th-placed Everton on July 1.
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