The draw leaves City 15 points clear of the chasing pack with just 10 games of the season left to go.
"We've got to look at it as a point gained," Shakespeare told the club's official website. "As you get to what people call the business end of the season with 10 games to go, you have to see it that way.
"Yes we probably had the best clear cut chances in the game but if we'd have taken all three points, bearing in mind Blackburn's performance, they'd be disappointed not to have got something out of it.
"It was tightly fought and they gave us as good a game as we've had all season. At the start of the second half they were on top, but we probably shaded it in terms of the better chances. We're slightly disappointed, but on a positive note, we tick another game off."
Leciester are back in action in midweek when they face Yeovil Town.