Fans staged walkout protests during Saturday's 3-0 Premier League win over Cardiff City - a victory which ended a dismal run of six consecutive defeats.
Alan Pardew's side have been in woeful form since the turn of the year, winning just five times in the top flight during 2014, but they sit ninth in the table.
The north-east outfit are guaranteed to finish in the top half ahead of their final game of the campaign at Liverpool on Sunday and Ameobi feels fans must take into account their strong early-season form when assessing the season.
"The fans are entitled to voice their opinions, they're not happy and that's understandable," the Nigeria international told The Journal.
"We started the season really well, and let's not forget we’re in ninth position. I think that's been overshadowed a bit.
"You finish where you deserve to at the end of the season. It’s been unfortunate that we’ve had this run.
"We need to look at the bigger picture. I know the manager is."
A criticism often levelled at Newcastle's board is a lack of investment in the playing squad, with the club having failed to make a permanent signing - other than youth players - in the last two transfer windows.
The likes of France midfielder Yohan Cabaye have also been sold, with Ameobi having previously called for additions to be made to the squad.
But the long-serving striker, whose own future at the club is uncertain as he comes to the end of his contract, has defended the club's activity in the transfer market.
"If you look at the teams ahead of us, with the money spent, it’s not as bad as it seems," he added.
