The Blues fought back from 1-0 down to rescue a point at the Mestalla to leave Chelsea FC in second position in Group H ahead of the visit of Lille on Tuesday 10 December.
Valencia playmaker Carlos Soler broke the deadlock in the 40th minute before Croatia international Mateo Kovacic netted his first Blues goal less than a minute later to level before the break.
Summer signing Christian Pulisic handed Chelsea FC a narrow lead after the break before Dane Wass netted a sensational equaliser with eight minutes left to play in Spain.
Valencia missed a second-half penalty in a hectic Champions League encounter at the Mestalla.
Chelsea FC had 18 shots on goal but Lampard’s side were unable to leave Valencia with three points, while the Premier League side conceded 16 shots on Arrizabalaga’s goal.
Lampard admitted that Chelsea FC need to be more clinical in front of goal as well as conceding less opportunities to opponents.
“We nearly won it, nearly lost it. It was end to end, not that we wanted it to be,” Lampard told BT Sport after the game.
“It’s difficult to come here, I know that from coming here as a player. When the atmosphere turns, sometimes you’re hanging on, but it keeps it in our hands.
“Parts of our performance I’m not mad on. We gave away too many chances. We missed a lot as well. That’s something we’re doing a lot of at the minute – not putting our chances away.
“But you can’t turn away from fact they had a lot of chances. They were arriving in our box too much.
“Credit to the players for their work-rate and hanging on in there, but sometimes you have to be more secure than that.”
Chelsea FC are in fourth place in the Premier League table following a 2-1 loss to defending champions Manchester City last time out.
The Blues have an eight-point cushion in the race to secure Champions League football for next term.
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