Norwich went ahead in the first half despite the hosts having perhaps the better of the early exchanges after Bradley Johnson fired home from 18 yards.
It took less than five minutes for Palace's response as Jason Puncheon dispatched a penalty won by captain Mile Jedinak on the stroke of half time.
Despite the endeavours of both sides - the hosts in particular - they had to settle for a point which could yet prove to be vital in the relegation battle.
Speaking to Sky Sports, Hughton said: "Overall it's a fair result.
"We were certainly disappointed at half time. We put ourselves in a good position with a good goal.
"But then we give away the penalty, and it gives them the confidence they need.
"In such bad conditions, the team that looked like it could create something was us.
"We showed great resilience throughout the game. There wasn't ever going to be many clear-cut chances
"Our levels perhaps dropped in the second half, but I don't think anybody would say we didn't deserve a point."
The game courted controversy twice, with Leroy Fer dismissed late on for Norwich after two bookings.
"We've watched the incidents again, and we have no complaints with Leroy," Hughton added.
"On the penalty, he's late and it is a push. It's just his endeavours and some frustration, so no complaints.
"There's no intent on the challenge either, but once you raise your studs you leave yourself open."
Hughton was less forgiving on the second incident, which saw Chamakh seemingly grab Wes Hoolahan by the throat soon after the visitors' opener.
Hughton added: "He absolutely should have been sent off.
"Wes Hoolahan hasn't made a big deal of it, but he's been pushed in the face.
"If somebody pushes someone in the face it's a straight red card offence."
Having lost defender Michael Turner to a hamstring injury in the first half before Fer's dismissal late on, Hughton would be forgiven for feeling relieved with a draw under the circumstances against a well-oiled Palace outfit, led by Tony Pulis.
Asked whether he was happy with a point, Hughton said: "I think you always are.
"In these conditions, with the way Palace are playing and you're down to 10 men with a centre-half down, it favours them."