Distin admitted he and his team-mates left the field disappointed after a fiery Premier League encounter at Molineux ended in a 0-0 stalemate.
The draw appeared to be a setback to the in-form Toffees' hopes of snatching a European spot but Distin feels it may yet be regarded as a point gained.
What might particularly have cheered the Merseysiders was news of Aston Villa's 7-1 thrashing at Chelsea, a result which means the top seven is now within their reach.
Distin said: "There is the goal difference and, mentally, I think that is going to affect them [Villa] as well.
"It is not easy to recover after a defeat like that, so that is good for us.
"There was a bit of frustration straight after the game for us but maybe when we look at it we will realise we are still on a good run.
"We feel we have to keep the form like we are now until the end of the season and, if we deserve it, we will get it.
"Mathematically it is possible so, as long as there are enough games to do it, we will keep trying."
Victory would have put Everton level with Villa, a side who a fortnight ago were looking good for a top-four finish. Everton might have won had they taken any of a number of chances early and late in the game.
Louis Saha went the closest in the first half as he brilliantly controlled a long ball from Distin and fired against the crossbar.
Leon Osman failed to make the most of three chances early on while Dan Gosling and Tim Cahill went close in the dying moments.
Nevertheless, Everton remain in fine form having lost just twice in 18 outings, a far cry from their injury-ravaged and insipid start to the campaign.
"We started the season with something like 10 or 15 players out through injuries," added 32-year-old Distin, who joined the club in August from troubled Portsmouth.
"If you take that many players out from any team, even the top four, they are going to struggle.
"All the players came back one by one, so now we are a bit more consistent, playing alongside the same players week in, week out. That can help."
Wolves had their moments, not least when Ronald Zubar combined brilliantly with Kevin Doyle and then cut inside to fire narrowly over in the second half.
But Marcus Hahnemann was the busier of the two goalkeepers and Wolves were certainly happy to take another point.
It was their eighth point in four games - the other three matches having been away - and inched them closer to safety in their battle against relegation.
Mick McCarthy's side are five points above the drop zone with six games of their campaign remaining.
Defender Christophe Berra said: "It was a difficult game and we rode our luck at times, but that is what you have got to do in the Premier League.
"We had chances as well but it is a big point for us and we would have taken that any day. Overall it is really deserved.
"Those three away games were massive - I don't think anyone thought we would get seven points from nine.
"With six games to go we have just got to concentrate on each game now.
"We have got an easy game next week against Arsenal!
"Nobody expects us to win there but, the way we have been playing away, hopefully we can keep that going and give them a tough game."