Although naturally disappointed not to reach the quarter-final stage, Tandy had nothing but praise for the efforts of his side.
"There's real disappointment within the changing room that we didn't get the win but as I've said to the boys, I'm really proud of what they are doing for this cause," he said.
"There's disappointment for the players because I think they deserved more. The way they represent themselves when they wear that Ospreys shirt is special.
"I know we haven't got that result, but I think when you look back on this Heineken Cup campaign it's been a really positive one for us. We've found out a hell of a lot about our young kids.
"I think it has been a really positive Heineken Cup for us, even without qualifying.
"The future is bright for the Ospreys. I think it typifies the attitude in the group, going down 15-10 so late in the game to come back and draw was great."
Tandy's men had led 10-0 through Joe Bearman's try and a conversion and penalty from Dan Biggar.
The Tigers had levelled matters with 13 minutes remaining through a Toby Flood penalty and a converted Ben Youngs try.
Niall Morris put the visitors ahead with an unconverted try but there was still time for Jonathan Spratt to score out wide, with Biggar's conversion attempt drifting wide.
Having led for much of the game, Spratt admits his side had missed an opportunity to set up a qualifying chance when Pool 2 closes with a trip to bottom side Treviso on Sunday.
"We had opportunities to put them away and it is disappointing we didn't take them," admitted Tandy.
"Up there I thought we had Leicester on the ropes but came away with nothing.
"We've hit the woodwork three times but know that in the Heineken Cup it's about fine margins."
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