Despite displaying nerves of steel to fire home the all-important 86th-minute penalty in front of the Kop, Gerrard was scathing about his overall contribution.
"That was one of my worst performances in a Liverpool shirt, but I was always confident I'd stick the penalty away," he said. "It wasn't about the goalscorers, though because that was a fantastic team performance.
"There were times when Arsenal passed us off the pitch, but we never lost our belief.
"It would probably be unfair on Arsenal to say the better team won over the two games, because they had a lot of possession and showed what a great team they are.
"But we showed what we're about over two legs. We're ready for anyone now."
Gerrard relished the prospect of Liverpool's third semi-final with Chelsea in four seasons, saying: "We're ready for them. I honestly feel that over two matches, we're a match for anyone, particularly when you consider the crowd factor.
"Some teams find it impossible here."