"A referee can't blow for that kind of penalty in the World Cup at the end of 90 minutes, but then again you have to accept it," said Camacho.
"The Irish were putting pressure on us at the
end and the referee was blowing for everything, meaning they could do what they wanted."
He added: "We had three or four opportunites and the referee blew for offside.
"I'm not sure they were offside and I don't think the final penalty (Keane's) was a penalty.
"The Irish put on a lot of pressure but we should have resolved this before the end of 90 minutes."
Spain paid the price for sitting back after taking the lead and the Republic seemed the more likely to score in golden goal extra-time.
Camacho added: "We had to play that last 30 minutes with two injured players and another on the sidelines (David Albelda).
"In the end luck was on our side."
Gaizka Mendieta scored the winning penalty and echoed those sentiments.
"This game was all about luck," said Mendita. "We had some bad luck at times but in the end luck was on our side.
"Penalties are always a lottery. We should have won this game in normal time but everything worked out in the end."
Goalkeeper Iker Casillas,21, saved two of the Republic's three missed spot-kicks in the shoot-out and one from Harte in normal time.
He said: "To save penalties is all about luck.
"It would have been unfair for us to go out after they equalised with a penalty in the last minute."