Tottenham drew 2-2 in Basel and went out on penalties 4-1 overall.
“I think we set a great standard and a great example this season for English football for the way that we approached this competition,” Villas-Boas said.
“I would like to compliment the players because changing the mentality towards the competition is difficult. They played like heroes.
“It has never been an excuse for the way we’ve played in the Premier League but I think it has changed the way some other English clubs have approached and played the competition. I’m proud of the players.”
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Since Guus Hiddink arrived at the helm, Chelsea have improved considerably after a tricky start to the campaign.
Newcastle United are staring down the barrel of relegation to the Championship for the second time in the past eight years.