With the game going nowhere, Forest substitute Brennan Johnson converted a stoppage-time penalty after Tom Huddlestone was adjudged to have fouled Sam Surridge.
But with Forest’s fans in party mode, Hull equalised just two minutes later through Lewie Coyle’s shot from the right.
A draw was a fair result as the visitors were short of enterprise against a Hull side with nothing to play for.
“The last five minutes was crazy, but I think the whole 90 minutes was a good game with chances for both sides,” said Arveladze.
“They are a good team, but we were organised, had our chances and didn’t give much away.
“Generally, it was a good game and, for the supporters, it was nice for us to score a late goal.
“The club tries to find the best way to get supporters back and even though we didn’t have a great run at home, we have brought them something at the end. They can see the boys fighting for every point.”
While Arveladze confirmed veteran midfielder Tom Huddlestone would not return next season, the future of forward Keane Lewis-Potter remains in limbo.
“That’s the most difficult question,” he added. “The chairman wants him. The coach – crazy about him. We’ll try to offer him the best we can for his future. It’s about financial and it’s also about his progress.”
Hull City: Baxter, Jones, McLoughlin, Greaves, Longman (Coyle 46), Smallwood (Huddlestone 77), Slater, Elder, Honeyman, Lewis-Potter, Sayyadmanesh (Eaves 77). Unused substitutes: Docherty, Fleming, Cartwright, Forss.
Nottingham Forest: Samba, Worrall, Tobias Figueiredo, Panzo (Johnson 65), Laryea (Spence 77), Cafu, Garner, Lolley, Zinckernagel, Mighten, Xande Silva (Surridge 65). Unused substitutes: Horvath, Mbe Soh, Ojeda, McKenna.
Referee: Simon Hooper (Wiltshire).