Morata - a £60m summer arrival from Real Madrid - had a host of excellent chances against the Gunners at the Emirates Stadium, but the striker failed to find the back of the net.
The points were ultimately shared in a 2-2 draw, and Morata was criticised for passing up the opportunity to secure all three points for his side.
The 25-year-old has managed 12 goals in all competitions for Chelsea this season, however, and Conte has claimed that Morata can become "one of the best players in the world".
"Morata scored 12 goals this season and made seven assists. Until now, the stats are good. Don't forget he's young, only 25, and it's the first season he's playing regularly," Conte told reporters.
"He has a lot of space for improvement, we are talking about one of the strikers that can become one of the best players in the world."
Morata was strongly linked with a move to Manchester United before joining Chelsea ahead of the new season.