Ireland had looked on course for only their second win in Paris since 1972 after establishing a 17-6 half-time lead on the back of two Tommy Bowe tries.
However, France battled back after the interval to salvage a 17-17 draw to leave O'Connell deflated.
He told BBC1: "It's disappointing for us, we played good rugby in the first half, we didn't match it in the second.
"It's disappointing, we had a great opportunity to win and we didn't take it. It's frustrating for us, you don't get many chances to win here.
"The scoreline as it was at half-time, for us not to win is very disappointing for the lads."
Winger Bowe echoed those thoughts, saying: "I think disappointment is the overall feeling at the minute.
"Obviously we had an outstanding first half, we put them under so much pressure but to come away with no points in the second half is a huge disappointment, and it's a very quiet dressing room in there at the minute.
"Obviously we were very happy with the first half, to score two tries over here is very difficult, but to come away with just a draw, nobody enjoys a draw, we're just quite disappointed in there."
Ireland have now won just one of their three Six Nations matches, having narrowly lost to Wales in their first outing before convincingly beating Italy last time out.
Next up for Declan Kidney's side are Scotland at the Aviva Stadium next weekend before they complete their campaign with a trip to Twickenham to face England.
Bowe added: "We've got two massive games now. We obviously suffered a disappointment against Wales at the start of the campaign, then we really showed the quality that we had last week and we showed it in the first half today.
"The second half was disappointing, we now need to dust ourselves off and hopefully come away with two big performances."
Gilbert has released a new line of rugby cleats. The Gilbert Virtuo 8S is part of the exciting new product. Check it out.
The Barbarians are one of the top invitational rugby sides with a long history and classic rugby jersey.
The Nike Tiempo is a solid rugby cleat and one of few styles still made from full-grain natural leather.
The Lions get ready for their matches with this green training jersey. It's what the players wear. Get in the Gear!
A cool looking all black rugby cleat with the high performance adidas is known for. Get in the Gear!
Wear the crest of the British and Irish Lions on your t-shirt. A great look for the summer.
The Lions are ready to get their Australia tour underway. They arrive in Perth on Monday.
The New Zealand All Blacks training jersey for 2013/14. Get in the Gear!
The USA Rugby Pro Alternate rugby jersey is perfect for any fan of the Eagles. Get yours to wear during the summer Test matches.
The NEW All Blacks 2013/14 jersey has arrived at World Rugby Shop. Dare to wear the colors of the All Blacks.