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Taylor headed the ball into his own net deep into injury time on Tuesday as the Chairboys were forced to settle for a 2-2 draw after leading 2-0 with 12 minutes remaining.
But Hounsell was quick to defend the centre-back and insisted the incident has not affected the player's confidence.
“Connor's absolutely fine,” he said.
“He defended well for the majority of the game and was a bit unlucky in that moment.
“I don't blame Connor at all.
“When I look at it, there were probably multiple things that we'd have hoped to do better, so I don't put that on Connor at all.”
The Wycombe head coach described the defender's recent performances as among the best he has seen.
“I think he's been excellent,” Hounsell added.
“I actually think he's been in some unbelievable form.
“He's probably taking confidence from the performances he's put in across multiple games now.
“He's an important player for us.”
The squad were given a day off after Tuesday's draw, with players recovering before preparations turned to Saturday's trip to AFC Wimbledon.
Despite the disappointment of letting a two-goal lead slip, Hounsell says spirits remain high within the camp.
“The vibe's strong,” he said.
“Of course, we were disappointed with how the game ended, but we're also aware that we performed really well.
“We're energised and excited for the weekend.”
Reflecting on the late collapse, Hounsell admitted improvements can be made but rejected suggestions there is a wider problem.
“We've shown we can hold on to wins away from home before,” he said.
“I don't see it as an issue or a problem.
“I just think in that moment we could have done things slightly better and made some better decisions.”
Wycombe have lost just one match since Hounsell took charge and remain in positive form despite frustrations against Cambridge.
“Our form is strong,” he said.
“We've built a good body of work, but we need to continue to build on that.
“We just need to focus on the next game and make sure we get a positive result.”