The Reds were the stronger of the two sides in the opening exchanges, but failed to break the West London side down until after half-time when Sebastian Coates volleyed home in spectacular style.
Dirk Kuyt doubled Liverpool’s advantage with a little over 15 minutes remaining to put the Merseysiders on course to secure all three points.
However, goals from Shaun Derry, Djibril Cisse and Jamie Mackie in the final 13 minutes saw the R’s pull off an incredible comeback that took them out of the bottom three.
Dalglish was left flabbergasted having dominated much of the encounter only to leave Loftus Road empty handed.
"I think for us, we were a little mindful of opinions about how we would play after getting into the semi-finals [of the FA Cup] but I think they started fantastically well," he told Sky Sports.
"For most of the game they controlled it, they passed it, they moved it. They scored two goals and could have been four or five up by half-time and they weren't.
"They came out for the second half and started quite brightly again, and they went on and got two goals and out of nowhere they have got three.
"For us, we don't really have an explanation other than to say they deserve a bit of credit for what they did.
"We should have been out of sight before it even got to that stage. It's a difficult one to take because there was so much that was very positive about the game."
