Hodgson could not hide his frustration at conceding a late goal.
"It was a bit disappointing to lose two points so close to the end, but it was a remarkable performance having to play the whole of the second half with 10 men," he told Sky Sports.
"There was no intention from Joe Cole to foul the player, he threw himself in to try and block the ball.. but when players try to block the ball, the referee often sees it as a worse foul than it was."
Arsenal manager Arsene Wenger, who has signed a new contract committing himself to the club until 2014, was relieved to take a point.
"We had a lot of possession but Liverpool defended very well and we did not create many chances," he said. "We kept going and did not give up and in the end came back to 1-1 which is a very good result at Liverpool."
Liverpool's Fernando Torres (right) and Arsenal's Laurent Koscielny vie for possession
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