The Premier League champions were trailing 2-1 from the first leg in Spain and needed an outright win to progress into the quarter-final.
The dream continues for the Foxes after Wes Morgan and Marc Albrighton fired goals either side of half time to send the King Power Stadium into raptures.
Leicester went straight up the other end to ultimately put Albrighton into a similar but more hard shooting position to Pareja, but there was nothing rushed about what he did.
The other last 16 second leg tie sees Juventus entertain FC Porto with the Italian champions holding a 2-0 advantage from two weeks ago.
Shakespeare thinks that's given them a real impetus going into the game.
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Los Rojiblancos have drawn matches with Alaves and Leganes within the past ten days but the Argentine boss, who turned 56 on Monday, is looking forward to the fixture at the King Power stadium.
As after the first goal, Sevilla came to life in the hunt for a way past Leicester's resolute defence. This is what they've been saving themselves for, and Leicester won't get anything without a fight. For most of it, Jamie Vardy couldn't score, Riyad Mahrez was invisible, the combination of Wes Morgan and Robert Huth looked old and nobody else really stepped up.
"We have [practiced penalties], we are trying to leave no stone unturned - and by the way they were good, hopefully we can carry that on", he added. Sevilla did win a penalty, but keeper Kasper Schmeichel saved it and Leicester hung on to win.
Shakespeare assumed caretaker charge following Ranieri's exit and guided the club to an impressive 3-1 home win over Liverpool four days later. We had a game plan, we stuck to it and it came off perfectly. The new manager admitted he did not expect to be taking charge of a Champions League knockout game in his first match as a full-time manager but there is nothing to suggest he will not get the best out of the players. Leicester now trail 2-1 on aggregate, although Jamie Vardy's vital away goal in Spain - the day before Ranieri was relieved of his duties - means the quarter-finals are not out of reach. The Chilean, tactically asture, may overwhelm his English counterpart in the thinking department and in Stevan Jovetic, Vitolo, Samir Nasri, Steven N'Zonzi, Adil Rami and Sergio Rico, he possesses a fine array of players armed with the experience of playing at the highest level.
However, Sevilla manager Jorge Sampaoli believes their recent results (draws) have not been great.