The Belgian kept out a late Diego Costa spot kick to earn his side a point against Chelsea on Tuesday.
It was the 28-year-old's sixth penalty save from the 14 he's faced for the Reds.
Antonio Conte's hilarious reaction as Simon Mignolet saves Diego Costa penalty
Wed, February 1, 2017
Antonio Conte found it difficult to hide his emotions after Simon Mignolet saved Diego Costa's penalty during Chelsea's 1-1 draw with Liverpool at Anfield
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Antonio Conte couldn't hide his emotions after Diego Costa's penalty miss
Chelsea's Diego Costa has his penalty saved by Liverpool's Simon Mignolet
And though Mignolet admits there is some luck involved, he believes preparation and timing are just as important in making penalty saves.
He told the Liverpool website: "It depends if you've faced one before that or somebody's got a favourite side.
Liverpool's Simon Mignolet celebrates with Joel Matip after saving a penalty
"You can sometimes say a little thing to put them off but most of these penalty takers have a routine and they're so confident in their own abilities otherwise they wouldn't be taking penalties.
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"First of all, you have to know and pick the right angle, then the timing has to be right, and then you're a bit dependent on how the penalty has actually been taken.
"In the end, it's a bit of luck to keep it out."