The 35-year-old has defended Carver for the defensive substitutions he made against Alan Pardew's side - as he feels he was simply using the only options available to him.
Newcastle had taken the lead against Palace through Papiss Cisse but were pegged back, with Carver then appearing to happily settle for a draw at Selhurst Park.
And Lovenkrands feels the Newcastle boss did very little wrong against the east London side.
"They ended up with a point. I don’t think it was that bad and you can’t really pull him up too much," he said.
"It also depends on what you have the bench. If you don’t have them [the right players] you have to look at what’s available and go with what you’ve got."
Meanwhile, the former Newcastle man, who also turned out for Rangers, defended the Magpies' decision to send five of their youngsters out on loan to the Gers.
Rangers have taken the likes of Haris Vuckic, Remi Streete (who have already made their debuts for the Scottish Championship side) and more on temporary deals and Lovenkrands feels there is nothing wrong with how business has been conducted.
He added: "They are all good footballers and good talents who will strengthen the team at Rangers.
"The benefit for Rangers being that they have more players to pick from and use in their push for promotion back to the SPL. You need talented players and for me that’s a positive thing."
Newcastle are not in action this weekend, having been knocked out of the FA Cup this season by Leicester City. Rangers, meanwhile, lost 2-0 to Hibernian in the Scottish Championship last night.