By ESPNSTAR.com staff
The Gunners held a 2-0 lead in the first half but were pegged back by a Klaas-Jan Huntelaar goal on the stroke of half time before Jefferson Farfan scored the equaliser in the 67th minute.
The result leaves Arsenal in second place, a point behind Schalke and Wenger believes that it was never easy visiting German sides in the Champions League and it was a good response after their recent run of poor performances.
"Of course, I believe that it was a difficult game, and a good one as well on both sides," Wenger told Sky Sports.
"Both teams played very well. I feel of course, after all the stick we got after Saturday's game it was important to show a great response, which we did. We played against a good team and it's a bit unfortunate that we conceded that goal just before half-time.
"After that, in the second half as well in the last minute, Walcott has a chance for 3-2. But overall, I believe that 2-2 is fair. At 2-0 you have not won a game in the Champions League, especially now with the physical qualities of a German team.
"You could see the results of the German teams, they have physical quality, technical quality, and they never give up on top of that. So overall, I believe that the game was not over, even at 2-0.
"Look, we lost on Saturday and at least we didn't lose again today [Tuesday].
"It doesn't matter too much. What is important is that we win the next game against Montpellier. It can go to the last game, it can also not go to the last game."
He added: "Theo Walcott did extremely well, and was certainly one of our best players. What people forget is that he was injured for a long time and injured with England. He just comes back now, that's basically it. We all know that he's a great player."
Walcott, who has struggled to find playing time this season, was delighted with his performance and hoped for an extended run in the first team.
"I just want to play, that's the main thing," Walcott told Sky Sports. "Hopefully I can just have a run in the team because I think I fully deserve it. I just want to play for this team and hopefully this team can win the Premier League this year."
"I did all I could to be honest," he added. "The ball got stuck between my feet and I couldn't get it out. It's just one of those things, it's a good point in the end.
"It would've been a fantastic victory, Schalke dominated the second half to be honest, but defensively we were quite strong. At the start of the game we would have been happy with a point.
"We'll just try and win our last two games, that's all you can do. As long as we do that we'll get into the next [round] and that's the main [thing]."
"I didn't wake up great on Monday, my voice is coming back now but I didn't have one at all," Walcott said.
"It is nice to be back playing with the guys, that is all I want to be doing now.
"It is going to be a tough month for us. It is going to test us all, not just physically but mentally as well and I think we are ready for it."
Things could have been much different for Arsenal had Walcott better connected with an effort deep into stoppage time.
"Just at the end it got caught under my feet and I couldn't get it out, which is why I could do my favourite finish," he said.
"It was just one of those things, I will bounce back on Saturday."