The point extended Caley Thistle's unbeaten run to seven matches and took them to within two points of second-placed Motherwell, but Butcher felt that his side were not at their best.
Inverness probably created the better chances of the two teams but they were outplayed for much of the game by a fluent St Johnstone side.
And Butcher said: "I'm very disappointed. The back four and the goalkeeper did very well, as they had to deal with a lot of pressure.
"St Johnstone had good possession but didn't really make a lot of clear-cut chances.
"We had chances, but I was disappointed with us going forward. We can play a lot better."