The result, however, was a kick in the teeth as Bolton led three times, and against 10 men for the final 24 minutes following the contentious dismissal of Craig Bellamy.
Megson, though, is calling on his players for a repeat display every time they take to the pitch, starting with Tuesday night's crunch home clash with possible relegation rivals West Ham.
Assessing the performance against City, Megson said: "If a player can do that every time he plays, and the team can do that every time they play, that's the standard you set and what you should expect.
"What they've done now is set that standard you would expect them to attain every time they play because it was terrific.
"There were a lot of good performances. It was Paul Robinson's best game for the club, the same for Zat Knight, while Ivan Klasnic got himself two goals and Kevin Davies was back to his best.
"In terms of individual performances there were a lot of very good ones, and in terms of a team, being in the position we're in, that was also a marvellous performance.
"In terms of momentum, looking at the performance rather than the result, hopefully it will get us going the right way."
Despite the two clubs' respective positions, with Bolton one off the bottom of the Barclays Premier League table and the Hammers a place and a point above them, Megson insists Tuesday night's is not a 'must-win' game.
"One of the West Ham players has come out and said it's a must-win game, or he has had that attributed to him," added Megson, whose side are without a victory in their last six league matches.
"It's a game we desperately want to win, and we will do everything we possibly we can to win it, but both teams know if they don't get the result they want, there are other games to play.
"It doesn't become a must-win game until you find yourself needing four points from your final two matches, or something like that."
Megson is without Gavin McCann due to a knee injury, while Ricardo Gardner is struggling with illness.
Klasnic, who scored twice against City, is available despite limping off late on with a hip problem.
Bolton 5/4, Draw 9/4, West Ham 9/4