Home skipper Steven Smith shook hands with Indian counterpart Mahendra Singh Dhoni when only four overs were left in the match and Australian needed four wickets to win the game.
Hazlewood did not question Smith's decision to agree for a draw but felt that had they got one more wicket, it would have put India's tail under pressure.
"It obviously got right down to the wire, but if we needed to bowl those last four overs, we would have bowled them and if we'd got that one more wicket we know what their last three batsmen are like," Hazlewood was quoted as saying by the 'Daily Telegraph'.
However he added that the wicket was not offering too much spin or pace.
"They'd shut up shop and were looking pretty solid. We gave it a good crack but didn't quite get there," he said.
India needed to win the Melbourne Test to keep alive the series but a draw meant Australia keep the Border-Gavaskar Trophy with the Sydney Test to go.