The Gunners boss stated that the display was "not enough" to keep their supporters happy, while Michael Laudrup praised his team for their recent run of fine form
The Gunners were booed off the pitch at the Emirates after a poor first half in which they created next to nothing, before again failing to find their feet in the second half before Michu scored two late goals to secure the win.
The victory sees the Swans jump above the north London outfit in the Premier League table as they move up to seventh, with Wenger's men falling to 10th, 12 points off Manchester City at the summit.
The Frenchman gave the visitors credit for their part in the game while slamming his own players for conceding two late goals, but did suggest his side may have been suffering after their European exertions.
"We were not good and Swansea deserved to win," he told reporters. "We looked very jaded after two away games in the Champions League.
"Where we were guilty was with three minutes to go at 0-0, if you cannot win you must not lose.
"I believed we tried very hard to get back into the game, but we weren't sharp enough. We didn't create enough chances, we will work on it."
With the home supporters making their feelings known throughout, and after, the game the 63-year-old admitted that their displeasure was justified.
He continued: "Our fans cannot be happy when we do not win games and what we produced today is not enough to keep our fans happy."
However, when directly questioned about the fans' protest about the direction of the club before the match he replied: "I don't want to get involved in that."
Swansea manager Michael Laudrup, on the other hand, was very pleased with his side's display in the 2-0 victory, with his players solid at the back and then Michu on hand to deal the killer blows late on.
The Dane explained that the bigger games are easier to mentally prepare for, while he praised his players for recording three good results in recent weeks.
The 48-year-old added: "I knew we would play well against the big teams, it is easy to motivate yourselves for those games.
"Seven points from three matches - away to Liverpool, against the season's surprise so far in West Brom and now away to Arsenal - is a fantastic week for us."