Schwarzer, 40, showed remarkable agility to save Mikel Arteta's late penalty.
Baird, 30, grinned: "I would love to be able to jump like that when I'm 40 - I am struggling now! All credit to him.
"He looks after himself so well and it shows from his performances every week. He has been fantastic for the club and, hopefully, he can keep this form going.
"Everyone expected it to be 4-3. It was an unbelievable save from Schwarzy.
"We stuck in there even though we made it quite hard for ourselves in the second half. We will take 3-3 against Arsenal at the Emirates any day of the week."