The young Magpies fell behind in their Group C encounter after George Miller's early opener before goals from Elliot Anderson and Tom Allan gave United a slender lead at half time.
And despite Allan netting his brace immediately after the restart, United were unable to extend their lead further at the Sands Venue Stadium and Miller completed his hat-trick with two late finishes, including a stoppage time equaliser for the Iron.
Dawson told nufc.co.uk: "It was a mixed bag. We didn't start as quickly as what we'd like and conceded a sloppy goal from our point of view but the lads did well to get back into the game and get their noses in front.
"We got the third goal at the start of the second half and then you'd like to see a bit better game management in terms of looking after the ball a bit better and taking some of the other chances.
"In fairness to them, they've pushed and come on strong and a couple of set plays and little basic errors from us have ended up costing us three points.
"On the positive side, it's another game unbeaten after a tough week in tough conditions. The two home games have taken a lot out of the lads so, in terms of that effort as always, you cannot complain too much.
"We're disappointed with the two late goals we conceded. I thought we had other chances to go and kill the game off and it's down to that little bit of quality or decision-making in those vital stages.
"With most young players, they have to learn the darker arts of football and just seeing games out by keeping the ball. If we took those other chances that we had or managed the ball better, we wouldn't put ourselves in those situations."
Following the draw, United's hopes of qualification to the knockout stages remain on course and extends their unbeaten run to three matches after a draw against Benfica and an impressive win against Stoke City in Premier League 2.
Dawson is aiming for his side to continue their positive run before the end of the year after a hectic month which saw Newcastle's youngsters play six games in November.
"We've got some good games to look forward to", Dawson added. "We have Reading at home and a couple in the (Premier League) International Cup in Hertha Berlin and Blackburn coming to us. We have the away game against West Ham so there's plenty for the lads to look forward to.
"There's plenty of time for us to get onto the pitch and work on improving areas of everybody's game. There's plenty of opportunities then for them to get on the pitch and hopefully continue what has been a good week with results and some performances.
"We can always do better and more often which will be the challenge for them heading into this next busy period."
