By the time Wenger's team next take to the field - against Wigan on Tuesday week - their London rivals will have each played a game more and may be in significantly stronger positions in the all-London top-four fight heading into the final day of the season.
Arsenal last lost to Tottenham on March 3 and took their unbeaten run to eight games with victory at QPR on Saturday, secured by Theo Walcott's fastest goal of the Premier League season after 20 seconds.
"It's very tight and it's down to the team who makes no mistake," said Wenger, who is enjoying the drama.
"I love it because it's a lot of tension and very exciting. It's demanding as well, because it's not easy.
"We definitely have momentum, if you look at the points we have made compared to two months ago. We are going for it.
"Away from home recently, we've won everywhere - at Fulham, at Sunderland, at Swansea and at QPR. It was a derby which was difficult to win."
Chelsea's clash with Spurs at Stamford Bridge on Wednesday could go some way to deciding the Gunners' Champions League fate.
"Of course I want a result that goes for us, but again, it's not because I wish something that you will get the result," Wenger added.
"A long time ago we focused on us getting the maximum points. We have nearly done that because we dropped two points against Everton and two points against Man United (both home draws).
"Apart from that, we've won every single game (since that defeat to Spurs in early March) and we have to continue to do that."
Walcott took his tally to 20 goals for the season for the first time with his strike in the opening attack of the match at Loftus Road.
Wenger cannot recall as swift a goal for his side - it was Arsenal's quickest in the top flight, surpassing Robin van Persie's effort against Sunderland in October 2011 - but lamented the failure to add to the goal.
"Unfortunately I waited for the second goal but it never came," Wenger said.
"Going forward we can do better."
Walcott was deployed on the right, although more often than not he was seen alongside central striker Lukas Podolski, who endured a difficult day.
Wenger likes to utilise Walcott on the wing, because it gives his Arsenal team more of a threat.
The Frenchman said: "Many people say he can play through the middle. Yes he can, but it's difficult to find flank players who can score goals.
"I try to combine the two, put a player through the middle who can score, knowing that I have another one as well.
"He's more mature, more ready for a fight, resists better to the duels and the timing of his runs is fantastic. But what he has improved a lot is his finishing.
"He's a great finisher now and you favour him every time he's in front of goal."
QPR boss Harry Redknapp praised the character of his already-relegated side and felt they were unfortunate not to earn a draw when Loic Remy was denied by a fine Wojciech Szczesny save.
"We hung in there," Redknapp told www.qpr.co.uk.
"We kept going and defended for our lives. We could have gone under after conceding so early, but we were every bit as good as them.
"What more could we have done? We conceded a goal against a team who've gone to Bayern Munich and won this year.
"I think we could have easily got a result - it was an excellent performance."