Moyes was fined for his protests against the match officials at the end of their 3-3 draw with Manchester United.
"We all know that football is a game which is - and always will be - based largely around emotion and passion," Kenwright told evertonfc.com.
"I say that because I believe it tells you all you would ever wish to know about a quite extraordinary Manager who having watched his team score twice in stoppage time to salvage a deserved draw against Manchester United, chose not to celebrate with the rest of us deliriously joyful Evertonians, but instead to question the referee whom he genuinely felt had not acted in the traditional spirit of football and who had, perhaps, denied us an improbable victory.
"Whilst David has acknowledged that his decision to confront the referee out on the pitch, rather than within the confines of the dressing room area was wrong, there isn't a player, a staff member or a supporter who does not understand his sense of frustration.
"Perhaps the biggest bonus of being a football Chairman is, especially in instances like this, the opportunity to share the insight of a coach's overview.
"David has explained to me just what he thought might have happened if the whistle had not been blown as Mikel Arteta laid the ball off to Jags in the penalty area.
"Of course 'might' is a very big word - possibly the biggest! But I could see even more clearly where the sense of frustration from himself and Steve Round came from.
"David Moyes continues to personify precisely what it means to be an Evertonian. He embraces passion, determination and absolute dedication. And, I promise you, just as much as anything he believes in fair play for all.
"He has also refused the Clubs offer to help pay the fine for him."