Walcott made a rare start in Germany and put the Gunners ahead early on in a pulsating 2-2 draw at the Veltins Arena.
The England international has eight goals in all competitions this season despite being restricted to a place on the bench by Arsene Wenger.
He told BBC Sport: "It was a good point in the end. It would have been a fantastic victory but Schalke are a tough side.
"We are just trying to win our last couple of games and that is all you can do. As long as you do that then you have a very good chance of going through."
"I just want to play hopefully now I can get a run in the team because I feel I fully deserve it."
The 23-year-old's future at the Emirates remains under intense speculation as negotiations rumble on over a new contract.