The Welsh region were 20-10 down on the hour mark before Aaron Shingler's try and when fly-half Rhys Priestland levelled things with a penalty ten minutes from time the Parc y Scarlets faithful were dreaming of a first win in 15 games against Munster.
But Tony McGahan's side held firm for a result which leaves Scarlets level on points with Warriors, currently in fourth place, prior to their clash with Treviso on Sunday.
But Davies, who promised to improve the squad ahead of next season's RaboDirect PRO12, saw plenty of encouragement to take into the final fixture against Blues on May 5.
He said: "Munster are a quality side and they had eluded us for too long and although a draw doesn't help our league position and it's really disappointing for us - it's a step forward in terms of our performance.
"To get back to a level footing like that in the second half showed real character. There are very few sides who come back from being ten points down to a team of Munster's experience and execution.
"That was down to real determination and with the ball, we looked threatening - but we were also too inaccurate and allowed too many turnovers.
"We have a very big game against the Blues to round things off at Parc y Scarlets this season and we all look forward to that occasion.
"Going forward we will need to improve our away form next season - our home form has improved which was a key target for us.
"We have a very good core of younger players who have plenty to give in the future, however with some senior players moving on we need to assemble a squad that can really kick us on.
"We need some new blood in key positions to bolster our group and that's something I'll be looking at over the next couple of months."
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