A fiery Championship clash ended in controversy at The Hawthorns with referee Keith Stroud disallowing what should have been a 95th-minute winner for the Baggies from Callum Robinson.
But while that decision ultimately robbed them of three points, the truth is they should have been well out of sight before then with Bilic's side dominating a Forest side who also have eyes on automatic promotion.
Robinson put Albion level in the first-half before a Kyle Bartley own-goal drew the visitors level.
Tobias Figueiredo then also put the ball into his own net to put Albion back ahead.
But Forest snatched a draw in the 90th minute when Matt Cash scored with what was actually their only shot on target.
"It definitely feels like two points dropped," Bilic said.
"It was our top performance. We played excellent, considering the strength of the opponent.
"It’s a derby game, this was our best performance.
"We deserved to win. We were better, whatever the result was.
"We were always the ones who were better in the ball positions, in the number of great situations, creating chances, everything was there. The only thing missing was to kill the game. after 2-1.
"Some of our finishing was not good enough, and the keeper made a few good saves, but I’m told the guys - they’re going to be frustrated and annoyed, but if we continue like this with the same patterns and energy, we have a really good chance to do what we want to do."
Referee Stroud made a series of poor decisions in the game even before the call to disallow Robinson's late goal.
Jake Livermore, who was outstanding in midfield, was lucky to get away with just a talking to following a knee-high challenge on Yuri Ribeiro.
While, Cash arguably should have received a second yellow on the stroke of half-time for a foul on Filip Krovinovic.
But it was the decision to rule our Robinson's goal that proved the key talking point.
With the referee deeming that Bartley had prevented Figueiredo from being able to clear the ball.
" Idon’t blame the referee but I can explain them," Bilic continued.
"First one that was controversial for me was Matty Cash’s challenge on Filip. That’s a yellow card, and he was already booked. He got the ball, and you can talk about great tackle.
"But also Nathan (Ferguson) against Charlton was a great tackle, but nowadays when we go to these seminars is that these are reckless tackles. 100 miles per hour. For me, he should be off.
"The goal at the end. For me, it’s a goal. They have a point, the only thing they may say is that Kyle Bartley was influencing the game. Kyle was lying in the goal, so I don’t see that as interfering in the game."