Hazard appeared to make the most out of Bellerin's knick and Taylor pointed to the spot.
The Belgian cooly netted the spot-kick right down the middle of the goal past Petr Cech.
"We don't need a replay, it was a penalty," Hazard told Sky Sports.
"Petr is a great goalkeeper, it is always hard to score against him but I put the ball in the net and that was the most important thing."
The match ended 2-2 when Hector Bellerin equalised for the Gunners in stoppage time.