The Eagles were pointless and goalless in the league prior to Saturday's encounter at Selhurst Park and were widely expected to capitulate to Antonio Conte's charges.
"That was really enjoyable. I have just said to the players that they really deserve to drink in that victory, because we played the champions of England but came off the field today having deserved our victory," Hodgson told reporters.
"We created chances, scored goals and our defending was good from the first to the last. To put in that type of wholehearted performance - chasing back, covering positions, winning back the ball - I think we deserve a lot of credit.
"I don't drink an awful lot these days, red wine isn't the best thing to drink if you want to keep your calories low, but I'll enjoy a glass tonight because I enjoyed watching my boys play well and I'm proud of their performance."
Up next for Palace is next Saturday's trip to Newcastle United.