The Gunners led 2-0 early on but the Cottagers fought back and held a 3-2 advantage going into the closing stages.
Sidwell praised his side's spirited display and the former Arsenal trainee admitted that he thinks their performance merited more than a point.
He told BBC Sport: "We're disappointed not to come away with three points, but it's good to get a point away from home at the Emirates. I had a great upbringing and education at Arsenal, and it put me on the path to where I am now.
"We found ourselves 2-0 down and felt hard done by. Then we got it back to 2-2 and were growing in confidence. We got a third goal but just couldn't hang on. The gameplan was to get into them and don't let them play.
"We also had to defend well and keep a good shape, and we've done well today. We could maybe even have scored more, but it was hard work out there."
Martin Jol's men stay in eighth place in the Premier League after a pulsating match in North London, level on points with the home side.