The Saddlers were second best for much of the match but defended impressively to deny the play-off chasing Bees.
Smith said: "This is a great point for us and I think a fair result. We played a lot of the second half in the Brentford half and even hit the post for them.
"The boys have done really well against a very good team because it was always going to be tough coming to a place like this with their home record. It's results like this that make us realise we need fear nowhere."
His striker Fabian Brandy was a constant threat for the visitors, who defended resolutely and withstood a late barrage from the increasingly desperate Bees.
Smith added: "We've got a very young back four but I wouldn't hesitate to put them in to any kind of situation. Today they showed that they can cope with the high quality players that Brentford threw on."