City and North End exchanged blows throughout a breathless contest which saw the League One encounter swing both ways in the final three minutes.
Leon Clarke and Callum Wilson cancelled out goals from Tom Clarke and Bailey Wright for North End before Wilson put the Sky Blues ahead in the 83rd minute.
But Coventry, playing their second home game of a gorundshare at Sixfields, were pegged back when Joel Byrom levelled matters at 3-3, before Chris Humphrey and then Mathieu Manset struck for either side in injury time.
Preston manager Simon Grayson described it as "a shocking game of football" but Pressley hailed City's display and the draw which takes them within one win of reaching zero points after starting with a 10-point deduction following administration.
He said: "The players are disappointed the game finished 4-4 because, they, like myself, know we were by far the better team.
"They shouldn't be disappointed with their character and their attitude, they should be proud of the way they have gone about the game.
"You can look at it as a point gained when you go behind in injury time but not when you are winning with four minutes to go.
"But then when you are losing with two minutes to go it is quite a turnaround. Credit to the players, I was very proud of them.
"They believe in the way we are trying to play but we just need to tighten up on a couple of things and we are close to being a very good side.
"We are not being carved open but are losing goals because of minor details. At the other end we are such an exciting team."