Caley Thistle retained third place in the Clydesdale Bank Premier League but threw away a 3-0 lead before McKay completed his treble six minutes from time.
While McKay played a starring role, Butcher also had positive words for Hogg, who was making his comeback after a serious knee injury that had kept him out since December 2011.
"Twenty-three goals is phenomenal from a player from Northampton. His season has been absolutely spectacular," Butcher said of McKay. "You look at his work rate as well. Him and Andy Shinnie worked their socks off, it's our first line of defence.
"He is a pest, he is a wasp, he gave their two centre-halves a hard time and chased everything. He is a lovely kid and just wants to work hard.
"But I must praise Chris Hogg especially. The boys wanted to win it for Chris because it's his first game in 18 months. His experience and voice helped a lot. He gave away a penalty right enough, I'll speak to him about that.
"But the players wanted to win it for him, it was a special ambition for the players.
"We've had a great chance at 3-0 to make it four and I was thinking: 'I hope we don't have to rue that and end up losing 4-3'.
"At 3-3 I was thinking that might just happen. It was a great comeback by Motherwell in the second half. They have got quality, they have a four-man attack which is tremendous.
"Obviously the sending-off helped but in the end I think we did deserve it with the chances we made. But it was a wonderful game of football, both teams hammer and tongs at each other and end-to-end stuff.
Butcher also confirmed his interest in Burnley midfielder Adam Evans who has already been up to the Highlands for a recce.
"We've had Adam up and we're looking at him," Butcher added. "We're looking at quite a few players so we're already building for next year."