The England Under-21 international midfielder endured a night of mixed emotions against his former employers at the Liberty Stadium.
He scored one and made another in a 2-2 draw, but was also at fault for both of Liverpool's goals - with sloppy passes punished by Daniel Sturridge and Victor Moses.
Shelvey apologised to Swans supporters for his showing afterwards, but his team-mates have been quick to offer their support to a player who is still learning his trade and deserves plenty of credit for the manner in which he kept his head up on a difficult evening.
Williams said: "He never shies away from anything, he's got courage and I think he showed that against Liverpool.
"I've made mistakes but not on that stage, on Monday Night Football with the whole country watching and against your old team. It doesn't get any worse, does it?
"He will definitely learn from it. He probably learned in the game things he'll take away and it could actually turn out to be good for him."
Williams added: "The lads have already taken the mickey out of him a little bit. It doesn't stay with you for too long, but it hurts at the time.
"Obviously he made some mistakes, even aside from the two that led to goals. But it happens, we all do that. The important thing is that he was always willing to get on the ball. He just kept on playing, so fair play to him."
Shelvey and Swansea are having to juggle domestic and European commitments this season - as they compete in the Europa League - but Williams believes a busy summer in South Wales has them well placed to compete on multiple fronts.
He added: "It is good for us that the squad is strong enough to cope. It's the strongest I've been involved in here.
"The gaffer is changing the team a lot in the European games, which is important because people will get tired during the season.
"I think he was aware of that when he signed some players in the summer."