The Tigers were beaten 22-18 by their French opponents in their first match of this season's European Rugby Champions Cup, but they secured a losing bonus point thanks largely to tries from Luke Hamilton and Jonny May.
Leicester were beaten 34-3 on their previous visit to the Stade Yves du Manoir in January so Saturday's result was a marked improvement.
O'Connor believes the point could be pivotal at the end of the group stage.
"The reality is that by the time you get to rounds five and six, that point is going to be important," said O'Connor. "If we'd come away empty-handed it would have been a wasted afternoon. Thankfully, we got a point out of it, you stay alive in the group."
Despite being relieved to leave France with a point, the Australian conceded that his side never did enough to win the match.
He added: "It's certainly a fair result. There's a lot of disappointment in the changing room, but we haven't got a lot to complain about, (Racing) were a little bit better."
Leicester don't have long to wait for their next European match as they will host Castres Olympique at Welford Road next Saturday.