Brendan Rodgers was left ruing a lapse in 'game management' after the Reds left themselves with work to do to qualify for the knockout stages of the Europa League.
Goals from Jonjo Shelvey and Joe Cole looked to have secured qualification against the Swiss side at Anfield, but a late leveller from Elsad Zverotic to make it 2-2 means Group A will go down to the final round of fixtures.
The Montenegro international's strike came after the visitors had been allowed to counter almost unchallenged.
Rodgers summarised: "The players gave everything. The team out there was very committed against a good side.
"[But] you lead twice in the game, and miss a hatful of chances as well, and then to concede the goal like we did at the end was very disappointing.
"2-1 up with three or four minutes to go, you've got to control the game better. You've got to show better game management. That was the only disappointment.
"I'm not telling you anything I haven't told the players. We get the chance to shoot at one end and then in the 87th minute we're walking back.
"Oussama [Assaidi] has a go at trying to get the ball but then they work their way through to the edge of the box unchallenged. It's a disappointing goal when you analyse it.
"That's about management of the game at that stage. You're winning the game, you don't need to commit the bodies forward and leave yourself isolated.
"That's something we'll improve on."
The Reds are level with Young Boys in the group, with the Swiss hosting Anzhi in the final game while Rodgers and co travel to Udinese.
Victory when they travelled to Switzerland earlier in the competition means Liverpool need only match Young Boys' result to progress.
"It's simple enough, we've got to get a good result and match the result of Young Boys," said Rodgers.
"Ideally we'd have qualified tonight but we haven't so it has to go to the last game and we have to control our affairs then."
The Reds were disrupted by an injury to Andre Wisdom midway through in the first half.
Rodgers explained: "It was a precaution really, he had a little knock in his knee. Hopefully he'll be fine but it meant we had to adapt.
"Jordan [Henderson] stepped in and did a terrific job there.
"He's filled in in a number of positions for me since I've been here and he gave it everything in that position."
The teamsheet saw the likes of Steven Gerrard, Luis Suarez, Joe Allen and Raheem Sterling sitting on the bench - though experienced heads such as Pepe Reina, Jamie Carragher and Martin Skrtel all started.
Asked about his team selection, Rodgers said: "We've got four games in 10 days and it was trying to make sure we were as fresh as we could possibly be.
"We're trying to navigate our way through this tournament with a thin squad.
"I don't think it was anything to do with the strength of the team tonight. We had good strength, we showed good qualities in the game and we were in front in the game."