Wenger's team slipped to third position in the table after Chelsea's 3-1 win over Birmingham, but the Frenchman insisted his team will continue to fight after their North London derby setback.
"It's not over ... we'll fight," Wenger Sky Sports. "In the second half we dropped physically because we had a difficult game on Sunday (at home to Liverpool). We've had two games in three games, our recovery was a bit short. We suffered physically in the second half and were very unfortunate to concede the penalty.
"Maybe the (Tottenham) second goal was decisive because we wanted to get to half-time with a two-goal lead, but we had an outstanding spirit and we have to keep battling to the last day.
"Tottenham are a good team and we have to accept they can score goals as well. Both sides could have won the game tonight but I didn't see any failure in our attitude. We came here to score goals and played a team who are very good going forward. Huddlestone's was an amazing goal."
For the second time in four days, Arsenal gave away a lead by conceding a penalty after Wojciech Szczesny brought down Aaron Lennon in the second half.
"It was difficult to assess the penalty, I'll have to see it again," Wenger said. "Our mental strength is outstanding. We have faced criticism but this team deserves much more.''
Spurs boss Harry Redknapp hailed the quality of the contest, as well as the character shown by his Tottenham side.
"It was one of the great games ... a real classic. We showed fantastic character to come from 3-1 down. Arsenal were top class in the first half, they had us at full stretch and were hard to live with.
"But in the second half the best chances were going our way, we just couldn't get the winner. We came back from an almost impossible position and had chances to win it. Anyone who watched that match tonight must have loved it. I can't ask any more. Both teams wanted to win and needed a win."
The former Portsmouth manager also admitted that Manchester City are now favourites for the fourth and final Champions League position.
"They were favourites at the start of the year because of their squad. We finished a couple of points above them last year and they've spent about £150 million to get above us.
"But I can't ask for any more. The season's still going and the spirit we've got is fantastic. We never give up."