Striker Emmanuel Adebayor took centre stage with an expert finish to settle Sunday's showdown at White Hart Lane.
But Tottenham were forced to withstand heavy pressure from Everton, especially in the first half, with France international Lloris making a particularly notable save from Leon Osman in the opening exchanges.
And Sherwood believes the 27-year-old deserves as much credit as Adebayor for helping the team secure three points.
"It was a slow start again and Hugo kept us in the game," Sherwood told Tottenham's official website.
"His save was vital - goalkeepers are vital, goalscorers are vital.
"As much as Ade will get all the plaudits - rightly so, he scored the winning goal - a save like that is just as good as a goal. He's a world-class goalkeeper."
The victory was a huge boost for a Tottenham side looking to overhaul Liverpool in the race for fourth spot and subsequent qualification to the UEFA Champions League.
Tottenham sit fifth, just three points adrift of Brendan Rodgers' charges, and are now two points clear of Everton.
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