Having been 2-0 ahead through Gabriel Martinelli and Kai Havertz, the Gunners allowed Villa to fight-back to draw 2-2 via goals from Youri Tielemans and Ollie Watkins.
Arteta said afterwards: "Pride (at) the way the boys played and competed, the third time in six days. To deliver that dominance, that performance, they were outstanding. We deserved much more, that's clear.
"The way we defended, especially the second goal, can't be part of our game.
"Overall the word is pride because they were exceptional. The way they tried (was impressive). There were players that were dead and performed like this for 97 minutes. They don't look for excuses or to the bench looking what to do.
"It was the best game we played against Villa since I've been here. They're a good side. In attack and defending, the level we're playing is so high. Something was missing. The line is so thin and we have to find it.
"Today we cannot concede the two goals we did after everything we did. That line is so thin. Credit to them as well."
He added, "The speed, energy, quality and level of the performance. It is the best performance we have had against Villa as they're a really good side. But we need to get the result in."