Zamora skied a 47th-minute effort from six yards with the goal at his mercy after Clint Dempsey's initial effort had been parried by Shay Given. The miss looked to have swung the game in City's favour as the hosts took a 2-0 lead through Joleon Lescott and Martin Petrov but Damien Duff and Dempsey quickly responded with the goals which gave the Cottagers a deserved 2-2 draw.
Hodgson called the miss "horrific" and added: "Unfortunately people who watch on the TV will see the miss and they won't see the 96 minutes and 45 seconds in which he was absolutely magnificent."
He added: "It should have been seen as the crowning moment of a great performance but instead it is going to be seen as a glaring miss and a blot on his copybook which is sad for him.
"But if you want a good example of the character and resilience of this team and its ability to bounce back, Bobby's performance in the last 30 minutes shows that."
It proved another frustrating afternoon for City who have now drawn their last three Barclays Premier League games, hitting their chances of establishing a top-four place.
Hughes admitted: "We were 2-0 to the good and we should have seen the game out but unfortunately we allowed them back in the game and given them a lift."