Arsene Wenger's side are now facing a battle to stay in the top four
The Gunners went ahead when Alexis Sanchez headed in Danny Welbeck's chip.
But Arsene Wenger’s side lacked a killer instinct to put the result beyond doubt and Yannick Bolasie then struck from distance, beating Petr Cech at his near post to secure a draw.
And Henry now believes Arsenal should be focusing on securing a top four spot in the table.
"Palace were in a situation where they could've won it," he told Sky Sports.
Arsenal's team of the 00s
"Yes, Welbeck had a chance, yes, there was some chances in and around the Palace penalty box. But again, it wasn't enough, especially at home.
"The guys must be disappointed because they were trying to see if they can have a last push to win the title.
"Now we can say it's over. Now they need to concentrate on staying there in the top four."
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