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Ranieri said: "They had a lot of shots and Cudicini made so many saves. He arrived just in time and was fantastic - well done Carlo!
"In the first half maybe when we dominated the play we did not shoot enough, and in the second half Tottenham upped the action and we defended very well.
"But also we could have scored too and it was a very good match. We just could not find the final pass, but I think neither side deserved to lose and in the end the draw was the right result."
The result means the Blues are up to fourth in the table, with home games against Birmingham and Middlesbrough to come before a trip to struggling Bolton.
But Ranieri warned: "We must show the right character. We are playing at home next and it is very important to get some points because we want to be in the top four places."