Mikel Arteta missed a last-minute penalty to ensure that the Cottagers came away with a share of the points after an enthralling 3-3 draw at the Emirates Stadium
The Cottagers went two goals down early on as Olivier Giroud and Lukas Podolski struck but the game turned on its head through an Alex Kacaniklic goal and a Dimitar Berbatov double.
Despite his side conceding at the hands of Giroud before seeing Arteta miss a chance to win the game, Jol believes a 3-3 draw was a fair result in the end.
"I am proud of the way we played. We started so well and then went 2-0 down, which was harsh. I thought we were equally as good as Arsenal," he told reporters.
"It was very disappointing to be 2-0 down if you saw how my team played, especially in the second half. We broke them, we dominated them.
"They are a good team but, but it would have been very harsh if they scored the penalty."
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Commenting on the Bulgarian's performance, Jol said: "He scored two goals again today. He caused them a problem. Bryan [Ruiz] has probably had his best game since he joined us.
"The only [disappointing] this is is that we could have lost the game in the dying seconds. Before that, we could have won.
"[The penalty technique] was pretty cool. He did it the other day and I said 'How many other players in England would wait for the keeper [to go down]?' and, to be honest, there is not one player who could do that. It was brave. He said afterwards 'You see? I can do that'."