The Gunners' 3-1 defeat in Greece may have been more severe as their second-string failed to seize a chance to impress with qualification already assured.
Olympiakos' high-energy first-half pressing forced countless mistakes from a side which was mostly a combination of youth and out-of-favour older heads.
Wenger said: "We must give credit to Olympiakos because they played a very physical game and in the first half it was very difficult for us.
"I don't think we had the right tactical approach. Many of the players did not have experience in the Champions League so were a bit surprised by the pace of game.
"In the second half at 2-1 we looked like we might come back but they were dangerous and probably deserved it.
"We had the early chances but Olympiakos played a very committed game. We lost too many balls in the first half
and overall became a bit insecure.
"I am annoyed because we lost the game, although it is difficult to single anyone out. Offensively and defensively we were not convincing.
"We could sense there was something more at stake for Olympiakos than us and that made a difference."
Substitute keeper Vito Mannone, on for Lukasz Fabianski, gifted the Greeks their second but Wenger said: "We didn't help our goalkeepers. We exposed them with our lack of quality in the passes we gave them.
Andre Villas-Boas claimed Chelsea gave their critics a slap in the face after the 3-0 victory over Valencia secured top spot in Group E and a place in the last 16.
The outcome of the Stamford Bridge clash was rarely in doubt after Didier Drogba had fired the hosts ahead inside three minutes.
Drogba also grabbed a second after Ramires had doubled the lead for Villas-Boas's men.
"In terms of the result I'm very happy. The players worked very hard for the win. Guess what? We finished top of the group against all odds," said the Portuguese.
"It was good to score straight away. Valencia started a bit uncomfortably and struggled a couple of times.
"Our strategy was always to keep our line of defence close to our goal. The Premiership games - in our last four games we have had three clean sheets so our defence isn't that bad.
"I think the players have given everyone a slap in the face today. What matters is that Chelsea finished top of the group. We qualified in first and we eagerly await the draw to see how far we can go.
"The team were excellent. It is a win of human values, of team spirit, solidarity, responsibility, strength of character, ability to take criticism and resilience. They deserve a respect that they don't get."
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