The Cottagers were held by the League One side at Bramall Lane in the fourth round of the competition.
Despite being disappointed with the result, Meulensteen is pleased with how the more inexperienced members of the team performed.
"If there are any positives that I take out of the game it's two things; obviously that we're still in it, and that the young boys we brought in were excellent," he told the club's official website.
"Josh Passley at right-back, Chris David and [Muamer] Tankovic in the middle of the park were very, very good, and Freddy (Plumain) was also very positive. So these are some good positive signs for us."
Fulham continue their Premier League campaign on Tuesday when they make the trip to Swansea City.