The Italy international has hailed his side's second-half comeback, and believes they could even have left Sicily with all three points
Goals from Fabrizio Miccoli and Franco Brienza gave Palermo a two-goal lead after 47 minutes of play, before Montolivo pegged one back midway through the second-half.
Stephan El Shaarawy then helped the Rossoneri to a hard-fought draw with his seventh league goal of the season, much to the relief of Montolivo.
"We were made to pay for our sloppy play and lack of focus, but should not forget about the positive things. We showed character and managed to get back in the game after our tactical changes," the midfielder told Sky Sport Italia.
"We never stopped believing in ourselves and we could even have bagged the full three points with a bit more luck.
"We're disappointed that we didn't win, but we showed the right spirit. All in all, it was an important point seeing how the game went."
Milan have climbed to ninth spot in the Serie A table with 11 points from 10 games.