Knights said the draw, which happened after dual Lions premiership player Daniel Bradshaw kicked a goal after the final siren, felt like a win that got away.
"There were probably three or four things in that last three of four minutes, from a maturity point of view, where we just need to learn from and get better at it," Knights said.
"Obviously one of them was the last play … it was disappointing, but they played with spirit and they played with good energy.
"I was really proud with the way they attacked the game, but when you've got the game in your grasp, it certainly is a bitter taste when you're up with 15 or 16 seconds to go and you don't get a result."
Asked what the two points meant for Essendon's finals aspirations, Knights said he hadn't "digested it and worked it out that quickly".
"Obviously a win would've been much better, but I don't know what the draw does for it and I suppose we have to sit down and have a look tonight and tomorrow morning and see what the equation is," Knights said.
Knights praised the efforts of key forwards Jay Neagle (three goals) and Michael Hurley (one). He also praised the defensive pressure applied by second-year Don Tayte Pears on Lions skipper Jonathan Brown and Dustin Fletcher on Bradshaw.
"We had Neagle and Hurley up one end and up the other end with Brown and Bradshaw, so there is quite a difference in age and experience there," Knights said.
"For us to go in with those two young tyros was fantastic. I thought they both held their own and I thought up the other end, [Tayte] Pears and Dustin [Fletcher] did a reasonable job over the night.
"To come here tonight and play a top four or five team and be very, very competitive and take the game on was pleasing. That's all we've got to focus on now, playing really strong football for the last part of the year, no matter who we play."
Knights said Fletcher had been one of Essendon's best, when available this year.
"He's 30-plus – a little bit more – but his leg speed is terrific and he's got that amazing reach, which I think helps him, whether he can play front or behind … he's pretty awkward to play on and I would hate to play on him – he's very difficult," he said.
"Let's hope he can keep that leg speed for about four or five years and he might get up around 40 – you never know."
Knights said Andrew Lovett and Andrew Welsh, who both had leg injuries, should be available next round. He said ruckman Tom Bellchambers could also be a chance to return after serving a one-match suspension in the VFL this weekend.
But Skipper Matthew Lloyd remains in doubt with a heel injury. Pears also suffered hamstring tightness at three quarter-time and could be in doubt against St Kilda next Sunday at Docklands, Knights said.
"We won't be risking him if he is tight next week, but it was another great experience for Tayte Pears playing on a colossus like Jonathan Brown."
"I was pleased that he was able to do his utmost in many contests … which was terrific."
