Baxter believes that the TMO failed to pick up on foul play during the build up to Adam Thompstone's second try.
Fly-half Ignacio Mieres knocked on on his own line before being taken out off the ball by Thomas Waldrom, allowing Thompstone in, something that Baxter couldn't get his head around.
"It's very easy to say it has had an effect on the try. He (Mieres) has knocked on and as he goes to chase the ball he is taken out off the ball," said Baxter.
"What is it if it's not foul play and has not had an effect? To me that's why we have TMOs. Any team in the country would say that if he knocks on, the reason he can't chase the ball is because someone takes him out around the neck."
The result leaves Exeter sixth in the Aviva Premiership, while Leicester move up to third.