Despite some late pressure, the London outfit were unable to find the winner and now face a replay at Craven Cottage.
"They (Sheffield United) gave it their all and got their noses in front. We didn't produce enough quality to get the second goal," Meulensteen told BBC Sport.
"If there are positives to take out of the game, it is that we are still in FA Cup and the young players did well."
Fulham are back in league action against Swansea City on Tuesday night.