Eyeing a sixth straight home Premier League victory against their rivals, Chelsea had to settle for a point that leaves them three adrift of the two Manchester clubs at the top of the table.
While Cahill still feels the result was a good point, he left the match feeling they could have emerged with more.
"It was frustrating in some ways," Cahill, 31, told his club's website.
"We tried to create. We have created more in recent games, but we were playing against good opposition. There were a couple of chances for either side. We had that Pedro chance early on, but it was cagey.
"It felt frustrating because we were trying and trying, but they defended well and limited us to a few chances. We had a lot of the ball but couldn't quite open them up.
"Obviously we wanted to win the game, but if we weren't going to win, it was important we didn't lose. It's a good point."
The match was Cahill's first league game since the opening weekend after serving a three-match suspension for being sent off against Burnley.
The England international added: "It was a good, competitive London derby. I don't think there was too much in the game. Late on it was opening up, and maybe we could have nicked the win then, but it wasn't to be.
"We want to win every home game. We feel we have the ability to go for three points every time we play here, and we tried to do that, but we take the point."