The result left Leicester fourth on 62 points from 36 games, three ahead of fifth-placed Manchester United who were visiting Crystal Palace later and one behind Chelsea in third.
Sheffield United stayed eighth on 54 points, two behind sixth-placed Wolverhampton Wanderers who occupy a Europa League qualifying spot. Having won only one of their last six league games, Leicester needed a victory to get back on track in their bid to secure a berth in next season's Champions League and they delivered with a dominant performance.
Perez fired them ahead in the 29th minute with a crisp low shot from 14 metres after a fine cut-back by 19-year-old debutant Luke Thomas and Gray sealed the contest in the 79th with a clinical finish. The Foxes missed a string of chances to win by a bigger margin as visiting goalkeeper Dean Henderson made several reflex saves while top scorer Jamie Vardy hit the outside of the post shortly after halftime.
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