With just seconds to go at Emirates Stadium, it appeared as if the Gunners recent poor fortune was set to continue after a first-half own goal from Philippe Senderos put the visitors within touching distance of victory.
However, deep into stoppage-time, substitute Nicklas Bendtner smashed home a knock-down by Emmanuel Adebayor to rescue a point for Arsenal, who are now just a point clear of Manchester United at the top of the table.
Wenger, though, admitted the psychological blow would have been severe had his squad - who lost striker Eduardo to a broken leg at Birmingham last week - suffered defeat.
The Arsenal boss said: "The point we gained today will have a big impact on the league.
"If we had lost, that would be different, but we are still top.
"Everyone goes through a bad spell, but every point gained is of vital importance.
"I know we are not people's favourites any more for the title, but we are still a point in front, we have lost just once all season and we just need to bounce back from this bad spell.
Wenger - who takes his men to AC Milan for the second leg of their Champions League clash next week - continued: "Psychologically, if we had lost, that would have jaded our confidence. To get a point will be a big boost."