Saturday's clash between the League Two relegation rivals only really came to life in the final minutes at the Crown Ground, Will Hatfield seeing a goal ruled out for offside before Gulls goalkeeper Michael Poke denied James Gray.
With the final kick of the game, Torquay could have won it themselves but Paul Rachubka kept out a Kevin Nicholson free-kick.
"I will take a point," said Knill afterwards. "It was so important that if we didn't win we didn't lose and this stops the run of seven defeats and has given us something to build on.
"We have been working hard and we have put in a battling performance as you have to do when you come to Accrington.
"We are trying to get confidence into the players to play their passing game and we showed that more.
"I don't think either side did enough to win the game and neither side deserved to lose it. This has given us a glimmer of hope."
Knill missed out on a couple of loan targets last week but is hopeful for new additions this week.
"I don't want to say they are ours until they are in the building, have their training kit on and their names on the back, but I hope to have one or two new faces by next Saturday," Knill added.
"This week we missed out on players because it's not as attractive to come to a club in our position and some didn't want to drop down a league but we will keep trying."