The Gunners had to settle for a point after being pegged back from 2-0 up in Gelsenkirchen, with Walcott missing a late chance to grab victory after earlier scoring the first goal of the game.
Walcott's future has been the subject of scrutiny over the past few weeks and Arsene Wenger has admitted he wants the 23-year-old's contract situation resolved by Christmas.
The England international has been regularly left out of the starting XI this season but, after being selected to face Schalke, he hopes to stay in the side.
"I just want to play, and hopefully now I can get a run in the team because I feel I fully deserve it," said Walcott, who has now scored eight goals in all competitions this season.
"It was a good point but it would have been a fantastic victory. I did all I could with the late chance. The ball got stuck to my feet and I just couldn't get it out."
Wenger praised Walcott for his performance in the 2-2 draw, which left Arsenal second in UEFA Champions League Group B.
"He did very well," said the manager. "His attitude was positive and he was fresh as well. You always felt he could make a difference and it was no coincidence that he had the chance in the final minute."