The visitors fell behind to Loic Remy's 41st-minute strike but soon pulled things level as David Silva fired home just before the interval.
City pushed for the winner but had to settle for a share of the spoils, as Pellegrini rued a missed chance to close the gap on Jose Mourinho's men - but believes the title race is far from over.
"Of course it was important to try to close the gap," he told reporters. "We tried but we couldn't.
"We still have 45 points more to play for. I said before the game that this was a very important game but it is not a final.
"We have time to try to recover those five points and if we continue playing in the way we did it will be more easy."
City face Hull next weekend and have matches against Stoke City and Newcastle United before the end of February.
