The England captain netted his 100th top-flight goal but was disappointed the Reds did not pick up all three points.
Liverpool trailed at St James' Park before Daniel Sturridge headed home Luis Suarez's cross to make the final score 2-2.
Yohan Cabaye had given the Magpies a 23rd-minute lead with a spectacular long-range strike, but the visitors were handed a lifeline when central defender Mapou Yanga-Mbiwa was sent off for hauling back Suarez five minutes before the break.
Gerrard levelled from the penalty spot - his 100th league goal for the Reds - but Paul Dummett, who had been drafted into central defence in the wake of Yanga-Mbiwa's departure, marked his third senior appearance with his first goal 12 minutes after the restart before Sturridge claimed a point for Liverpool.
Gerrard told BT Sport: "It's a chance missed for us today. I thought we did enough to win it but credit to Newcastle for hanging in there.
"After the sending off the game changed. They (Newcastle) started strongly but we dominated the rest of game but couldn't get enough goals to win it.
"I thought our all-round game was very good. Often you come back after international duty lacking a bit of energy."
On his personal milestone, Gerrard added: "It would have been nice to do it in general play and I feel disappointed we've not got the three points."
Liverpool manager Brendan Rodgers praised his captain.
He said: "It's a huge pleasure working with him. He's a great man who gets a lot of acclaim for his captaincy but what people forget is he's so professional.
"He's always right on the money and is a great player."
On today's match, Rodgers added: "It's never easy when you're playing against 10 men but I thought some of our play was outstanding today. We had to show character twice coming from behind.
"But give Newcastle credit as well. A point at St James Park won't be the worst result you can get.
"They've got some outstanding players with great pace and quality who can hurt you.
"The last time we played here we won 6-0 - that was never going to happen again.
"The players have travelled all over the world in the last two weeks. Luis Suarez got back very late on Thursday night."