The sides finished on 1-1 after extra time after Justin Shonga put Bucs ahead in the 32nd minute. Mwape Musonda levelled matters eight minutes later.
The Buccaneers are on a four- year trophy drought having missed out on all trophies on offer this campaign and now only have the league championship to fight for.
“We are fully aware that penalties are a lottery and you never know what will happen, it can go either way,” Sredojevic told SuperSport TV.
“We tried out best throughout the game, from the start before conceding that goal against the run of play.
“Instead of taking the opponents on the counter-attack we conceded from their counter-attack. We paid for the silly mistakes we made later on.
“We tried our best in regular and extra time to attack and create chances, throwing all available attacking players forward but it was not meant to be despite the fact the players were trying their best.”
The Bucs coach believes his charges gave everything they had during the tie, only to lose the game in the last minute having had the advantage during the penalties.
“We went to penalties and had the advantage. This was the fourth time we had had the advantage in penalties and we missed them,” he added.
“It’s much more of a mental than football aspect, but it is very hard to accept especially knowing we have given everything.”
Meanwhile, Leopards coach Dylan Kerr praised striker Musonda for his efforts and gave credit to Pirates.
“At the end of the day, you are only one goal behind and with the strikers and players we have we can always create chances. Musonda is in top form, it’s not about penalties anymore,” said Kerr.
“We have to respect Orlando Pirates. They are a good team. They are a very experienced side and one of the better ones in the PSL.”