The Eagles were 2-0 down to the Premier League champions shortly after the interval, but goals from Yohan Cabaye and Benteke secured a precious point.
Allardyce suggested Palace's survival hopes hinged on Benteke rediscovering his goalscoring touch when asked about the striker's scoreless run at the beginning of the month.
And the Belgium international has since scored against Chelsea, Southampton and Leicester to help Palace move seven points clear of the drop zone.
"I'm pleased with Benteke, with his game coming on and the goals coming back," Allardyce said.
"Cabaye, too. We are a threat. We can score goals. It's a fantastic point."
Roberth Huth and Jamie Vardy had put the visitors in command at Selhurst Park, but Palace found a route back into the game and Allardyce praised his players' mental strength.
"When you finish a game with a point having been 2-0 down, you have to be incredibly satisfied," he added.
"It kept our run going, showing just how good we are at the moment. The mental side showed by coming back to get back to 2-2.
"(Leicester) have a chance (against Atletico). They're playing very well at the moment. They turned Sevilla over."