City - who have won away only once this season - took the lead at Anfield as former Liverpool player Craig Bellamy saw a shot deflect off Alvaro Arbeloa.
But second-placed Liverpool, who now sit seven points adrift of Premier League leaders Manchester United, hit back through Dirk Kuyt.
And Hughes feels his side were worth more than the solitary point they recorded on Merseyside, after also drawing 2-2 with Copenhagen in the Uefa Cup in midweek.
ExcellentThe Welshman said: "That was an excellent performance and we were good value for the point and probably deserved more.
"We were playing a side going for the title, and after we had been involved in a tiring Uefa Cup game in Denmark on Thursday.
"But we put in an excellent performance, we were strong and resilient and we deserved the result."
Hughes also praised Bellamy, adding: "It is always the case a club's ex-players want to do well against them.
"Craig is a proud man and maybe he feels he did not get a fair crack of the whip when he was at Liverpool. He has played extremely well since he joined us."