The Fir Park side took the lead against Aberdeen thanks to an early strike from Jim O'Brien but they allowed the visitors back into it and were forced to settle for just a point thanks to a second-half leveller from Chris Maguire.
The Dons were r
educed to ten men when Andrew Considine was sent off for a second booking but they hung on for a share of the spoils, not least thanks to the efforts of Jamie Langfield who pulled off a stunning stop in the dying seconds from Brian McLean.
The draw leaves Well level on points with the Easter Road side, although behind on goal difference with just two games remaining before the split and both teams have to face St Mirren and Rangers in their final fixtures.
However McGhee viewed Saturday's result as a point gained and is hoping that his side can take at least four points from their remaining two matches before the split to push them into the top half.
And if they can achieve that feat, he feels that they have what it takes to oust one of the teams from the top four when the league resumes for the final five matches of the campaign.
He said: "We could have got the three points and, on the balance of play, maybe should have taken the three points. We created a number of chances, but maybe not enough clear-cut chances.
"With two games left though, we are still in the mix for a top-six spot. We play Rangers away next and then St Mirren at home and if we can take four points from them, then I think a top-six finish is within reach.
"Judging by the way the points have gone, I think that if we make it into the top six then we also have a chance of making the top four.
"Of course, we know that we still have some work to do but to be on the cusp of a place in the top six at this stage is not bad considering the problems we had in December."
McGhee also had praise for goal hero Jim O'Brien, who bagged his first goal since joining the Lanarkshire side on loan from Celtic and added: "Jim gives us a bit more creativity and pace and gets us up the field that bit quicker.
"He scored for us for the first time but he needs to score more. He also played well and has been doing so since he came into the team and that has coincided with a run of decent results for us."
McGhee's side controlled the first half and stamped their authority on the match with just nine minutes on the clock when good vision allowed O'Brien to play the one-two with David Clarkson and lash a shot past Langfield from inside the box with the aid of a deflection.
Paul Quinn came close to a second when he got on the end of an O'Brien corner but could only send his header just wide and despite their superiority the Steelmen couldn't add to their tally.
They were made to pay for it in the second half when Aberdeen emerged looking like a different team after the break.
Calderwood made the necessary change to turn around his side's fortunes, switching to a 4-4-2 by bringing on Sone Aluko for Lee Mair and they got their reward in 68 minutes.
A long throw from former Hearts star Scott Severin caused problems when it was flicked on by Lee Miller. The ball was picked up by Maguire, who turned quickly to leave the home defence stumped and sent the ball high into the net behind Graeme Smith from an extremely tight angle.
The home side could have snatched a win almost at the death when a glancing header from Brian McLean looked destined for the bottom corner but Langfield defied the odds to get down and push the ball away to safety.
Dons boss Jimmy Calderwood conceded that his side had not done themselves justice in the opening 45 minutes and that their goalkeeper had rescued the day with that late save to ensure his side didn't leave Fir Park empty handed and said: "Jamie's been wonderful for us all season and he pulled off a great save right at the end.
"I was very disappointed with the first half and I thought that Motherwell were in the ascendancy, we were second to most of the balls and didn't create very much. We had to change it at half time and I thought that Sone gave us that bit extra pace and spark."
Motherwell: G Smith, Quinn, McLean, Reynolds, Hammell, O'Brien, Lasley, Hughes, McGarry (Murphy 84), Clarkson (Sheridan 81), Sutton. Subs not used: Krysiak, Malcolm, D Smith, Fitzpatrick, Hutchinson.
Aberdeen: Langfield, Mair (Aluko 46), Severin, Considine, Foster, McDonald, Young (Vidal 63), J Smith, Mulgrew, Miller, Maguire (Duff 82). Subs not used: Bossu, Stewart, Paton, Crawford.
