The additional four minutes which had been indicated were already up when Ramires tumbled in the penalty area under what looked a fair shoulder challenge by Reid.
Eden Hazard rolled the ball into the bottom corner to secure a 2-2 draw but Reid, making his first league start of the season because of injury to Billy Jones, felt West Brom had deserved better.
"When the whistle has gone, I thought he was going to book him for diving," Reid said on the club's You Tube channel. "Ramires has gone to ground really easily.
"At the time it felt soft, I felt like I stood my ground.
"Looking at the replays afterwards, there has been no raising of the arm, my arms are by my side, so for us it is very harsh.
"But these decisions happen sometimes and on the whole we have to be happy with a point, even if at the minute it feels like a defeat."
Samuel Eto'o had given Chelsea a half-time lead but Albion looked set for three points thanks to goals from Shane Long and Stephan Sessegnon until the late, late drama.
Reid said: "It was a great second half performance and we are disappointed not to have come away with all three points.
"We defended well, maybe we did not get as forwards as we would have liked, but we managed to stay in the game, which is always the aim when you come to the bigger clubs.
"In the second half, we came out with more confidence and belief, we grew into the game and at times we could have put the match to bed when we had a couple of chances.
"But before the game a result would have been looked at as a good result, but with the way it ended, it does feel like a defeat in that changing room."