Daniel Sturridge levelled the score after Oscar had broken the deadlock with a header, only for Eden Hazard to expertly convert from 12 yards after Luis Suarez was penalised for handball in his own area.
However, the Uruguayan made amends deep into the six minutes of added time by diverting Sturridge's centre beyond the outstretched fingers of Petr Cech to claim a point.
It was a result which the Liverpool captain believes is proof of the progress being achieved under Brendan Rodgers.
"We're taking huge strides forward - it's going to take time," said Gerrard. "There's been a lot of change throughout the season but we're taking strides forward.
"What we've got to try to avoid is making slip-ups like West Brom at home and Southampton away. If we can avoid those slip-ups we'll find consistency.
"We've got to look at the next game, which is Newcastle - a very tough game. Here at Liverpool, we'll try to win them all and see where we finish.
"We've got Everton above us at the moment, there's no bigger incentive being a Liverpool player than to try to get above them as well."
Rodgers' side trailed at the break and the Northern Irishman responded by introducing one January signing in place of another - with Sturridge brought on and Philippe Coutinho withdrawn.
What did the boss tell his players during half-time?
The skipper revealed: "He demanded a reaction. Daniel Sturridge made a hell of a difference, if he's in that type of form he's unstoppable and his performance gave the team a lift.
"The atmosphere was superb in the second half and on chances created we deserved at least a draw out of the game.
"I don't think the atmosphere was flat before the interval, the team was. Sometimes when we play at home it's down to the team to lift the crowd. We need to take the responsibility for being flat in the first half.
"In the second half, when they saw that we were prepared to give them a reaction, they got right behind us. I thought we were very unlucky not to win the game."