The Premier League title favourites were held to a 1-1 draw at Arsenal on Saturday, with Mathieu Flamini cancelling out David Silva's first-half strike.
However, Pellegrini insisted that a four-point haul from back-to-back away fixtures against Manchester United and Arsenal had given him cause for cheer.
"It's a good week," the City manager said. "I think that four points against Manchester United and Arsenal, both away, is a good week for us.
"Of course we would be more happy if we won today, but I think it is a good week.
"Arsenal had a better second half, but with no chances to score except the goal.
"In the first half we had at least four clear chances to finish and maybe we could have finished the game before.
"I think today our team made a good performance. It's not easy to come here and beat Arsenal.
"All of us want to win all of the points, but I think we did a good performance against a very difficult team."
The result leave City two points adrift of leaders Chelsea with two games in hand, but Pellegrini believes Arsenal - three points further back in fourth - are still capable of mounting a title challenge.
"Of course," he added. "In football, if mathematics allow you to win, you have a chance to do it."
‘After Manchester City’s recent form, maybe they’re the underdogs against Manchester United!’ Former Red Devils defender on this weekend’s derby
‘Arteta, Alonso, Emery, me… none of us were physical players – we needed the understanding of the game. That probably helped us move into management’: Premier League boss reveals reasons for natural career progression
