The Hoops dominated the first-half and Efe Ambrose headed an opener before the break, but St Johnstone battled back in the second period and substitute Nigel Hasselbaink headed a late leveller.
Lennon felt his side produced some of their best attacking football on a difficult playing surface, but admits they paid the price for wasteful finishing.
"The first 45 minutes was the best football I have seen under my time here," said Lennon.
"On a glue pot of a pitch, the football, the pace, the movement was exceptional and it is a travesty we haven't won the game because in that 45 minutes alone would have won two games. But for the goalkeeper it should have been six.
"I thought we looked a quality side in the first 45 minutes.
"We had chance after chance, we cut them open at will and I knew half-time gave them a chance to regroup and make changes.
"Sometimes it is hard to replicate the tempo of the game and that proved to be the case.
"But even our reaction after their goal was very good and I'm sitting here scratching my head as to why we haven't won the game.
"We will probably tip our hat off to their keeper Alan Mannus tonight, he had one of those games.
"But at 1-0 you always give a team encouragement. They are at home, anything can happen, but we should have been out of sight.
"I am not too disappointed. Motherwell lost tonight so we have gained a point so it hasn't been a bad night after all."