The Ghana international replaced Conor Gallagher in the 71st minute and after 60 seconds, he had draw the Eagles level at Selhurst Park.
Schlupp, left unmarked, headed in from close range.
Leicester City raced into a two-zero lead at halftime thanks to Kelechi Iheanacho who opened the scoring in the 31st minute.
Six minutes later, Jamie Vardy doubled their lead.
After the break, Palace manager Patrick Vieira shuffled his cards and introduced 19-year-old Michael Olise to replace Jordan Ayew.
The France youth international pulled one back for Palace on 61 minutes to inspire their remarkable comeback. Read Full Story
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