The Magpies exited the cup at the second round stage to the Championship side for a second successive season, losing 3-1 at the City Ground as many of Rafael Benitez's first team players failed to perform.
Despite losing the game, Perez thought he should've had a penalty in added time with the score at 2-1, as the Spaniard fervently remonstrated with the officials both during and after the game, although Reid suggested he should've shown that same passion in his performance.
Speaking post-match on BBC Radio 5 Live, he said: "Yeah it was a penalty. But I'm thinking if Perez put that much intensity into the game, in what he's putting into to complain to the referee, then maybe they would have done a little bit better in the game.
"It was disappointing all round and they don't deserve anything from the game. All over the pitch they were second best. They got out-worked, out-fought, and they got what they deserved out of the game which is nothing."
The 25-year-old starred for the north east side last season, as his eight goals and four assists helped the club to a tenth-placed finish in the Premier League, although both he and the club have struggled at the beginning of this campaign.
Newcastle are without a win in any of their four games this season as they prepare for upcoming league match against Manchester City on Saturday.