Ashley Beck responded with a try of his own for the home side but Munster scores from Simon Zebo and James Downey, his first in his second spell with the Irish region, put paid to the hosts' chances.
But despite the reversal that drops the Ospreys to fourth in the table, Gibbes was adamant that the Welsh region could also take plenty of heart from the performance as a whole.
"There were periods against Munster where we looked really good and played a lot of positive rugby," said Gibbes.
"That bodes well, but we also made costly mistakes.
"Against a team like Munster, with the experience they have and the way they attack, you just can't afford to make those mistakes, because you'll be opened up.
"We gave them plenty of opportunities to score early on and they took one of them, with the driving line-out try they claimed incredibly disappointing. But if you have a look at where that's come from it's our own errors."
Beck's try was a high point for the Ospreys as the Welsh international centre skipped clear for a fine solo try.
And Gibbes is confident that his side are not far away from turning the tables on the league's high flyers.
"The good thing is these things are fixable," he said.
"What was good about that try from a team perspective is that it came from a decent set-piece and a good carry that shortened up their defence and left Ashley with a one-on-one, which is what we wanted to create all game," said Gibbes.
"That's a pleasing moment, but there were probably four or five other opportunities out there that we let go."
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