"I'll think back and reflect over the next day or so and think what I could have perhaps done differently and could have done better, and areas that I can continue to improve in my leadership."
Former Australian paceman Jason Gillespie on Wednesday said Smith had been "thrown under the bus" by his own camp over the decision not to enforce the follow-on.
Australia's bowling coach David Saker had questioned the call after England got within 178 runs of victory at stumps on Tuesday.
"In hindsight, we didn't get an opportunity to bowl with the new ball under lights — that was our chance," Saker noted.
"Maybe we got it wrong. At the end of the Test match we will review that."
Smith explained that wearing out England's pacemen was just as much a factor as preserving his own.
"If you give them a rest and keep the England bowlers bowling ... they bowled (149) overs in the first innings," he said.
"If you can tire their bowlers early on in the summer then it can make a big difference at the back-end."
Mitchell Starc had earlier revealed that Smith didn't consult Australia's bowlers before making his decision.
Smith's nerves were frayed when play commenced on Wednesday but Josh Hazlewood's dismissal of Joe Root on 67 quickly helped him to settle.
"I thought his length this morning was exceptional," Smith said.
"To get the wicket of Root really put us in a good position and I could breathe a bit more easy then."
- AAP
