Zaha was initially shown a yellow card for his tackle on James Ward-Prowse in the 87th minute and was sent off seconds later after sarcastically clapping at referee Andre Marriner.
The Cote d'Ivoire international had earlier opened the scoring at St. Mary's Stadium in the 41st minute but Ward-Prowse's effort 13 minutes from time ensured both teams settled for a share of the spoils.
Hodgson was unhappy with the tackles aimed at Zaha and admitted that the talisman 'couldn't contain his frustration' in an encounter where he fouled four times.
“I think it’s disappointing that the player who provided some of the best entertainment in the 90 minutes and was consistently fouled throughout couldn’t contain his frustration with that, and his protests over a foul that wasn’t given but probably should have been,” Hodgson told club website.
“But then once he applauds the referee’s decisions to give him the yellow card, under the laws of the game he’s got no option but to send him off, so there’s not much more I can stay about it.
“Players who run with the ball as he does do get fouled, and he was fouled a lot of times in the game.
“I didn’t get the impression that he was being deliberately targeted any more so than any of our other players, in actual fact Jordan Ayew got fouled a couple of times.
“As someone who has been in football a long time and seen a lot of matches, it’s disappointing that the people we most want to watch are the ones being taken out of games either by fouls or injury, or in this occasion because they haven’t shown the saint-like behaviour that is required not to react to fouls.”
Zaha will miss Fulham's visit to Selhurst Park on Saturday and the 71-year-old tactician has rued the absence of the 26-year-old.
“As a manager of such an important player, it’s not good for me knowing he’s suspended for the next game," he added.
"We need him playing, not being sent off and he’ll be very contrived about the reaction to the yellow card."