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In an interview with the independent Belgrade radio station B2-92, Mr Draskovic admitted that it was a mistake for his party not to have joined the opposition coalition to fight President Milosevic in the elections.
"As far as my party is concerned, it was the wrong decision to participate separately in the election." he said.
Draskovic's party fielded its own candidate, Belgrade Mayor Vojislav Mihailovic in the presidential race.
According to the unofficial results he is trailing badly behind the two leading contenders for the presidency.
Democracy wins
Yet despite his party's poor showing, Mr Draskovic said he believed that "every vote for the SPO was a vote for democracy and against the regime."
Mr Draskovic, congratulated his rival, Vojislav Kostunica, saying he had defeated the Yugoslav President Slobodan Milosevic in Sunday's poll.
"I hope Slobodan Milosevic will accept the will of the people and hand his post over to the new president in a peaceful and civilised manner." said Mr Draskovic.
 SPO candidate Vojislav Mihailovic polled poorly |
Regarded by many as a maverick politician, Mr Draskovic has rarely been out of the headlines.
Until recently he was the most high profile opposition politician and enjoyed strong public support.
He was known as the "king of the squares" for his ability to draw huge crowds but his popularity suffered after he held a position, albeit briefly, in President Milosevic's government last year.
Mr Draskovic has accused the Serbian authorities of being behind two assassination attempts against him over the last year.
Since the most recent attempt on his life in June, Mr Draskovic has stayed in the Montenegrin sea resort of Budva.
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