Despite leading Manchester United 2-0 from the first leg of their last-16 tie, Olympiacos were left disappointed on Wednesday night as Robin van Persie struck a hat-trick to send the hosts through to the next round.
However, Michel believes that the 3-0 scoreline did not tell the full story on a dramatic night at Old Trafford.
"We had our chances but failed to convert them and teams who do not make the most of their scoring opportunities at this level end up paying for it," the Spaniard told UEFA's official website.
"I would like to congratulate my players on their effort. Looking at the result, one might think that it was a one-way match but that was not the case."
Olympiacos have not reached the quarter-finals of the Champions League since 1999.