The relegation-threatened Eagles were 2-0 up through Darren Ambrose and Neil Danns before Reading hit back via Shane Long's penalty - the first goal Palace have conceded at home in more than 13 hours.
After Ambrose had seen a penalty saved by Alex McCarthy, Jimmy Kebe crashed in an equaliser for Reading. Substitute Jermaine Easter fired Palace back in front but Noel Hunt's header secured a point for the play-off chasing Royals.
But Freedman said: "In a strange way I'm not frustrated because a point is a real plus for us against a really good, high-energy team. What pleases me is even though we missed a penalty, then it goes back to 2-2, we are still fighting.
"A point will do. I felt we deserved a point because we showed great spirit, we've slugged it out with a great team and matched them, and if we'd kept that third goal out of our net would have been a great win.
"It's a point gained on the teams below us but I'm not looking back, I'm looking forward at the teams we can catch."
Source: PA
Source: PA