Equestrian ace Pearson, who has been awarded an MBE (2001), an OBE (2005) and a CBE (2009) in the past, won the 10th gold medal of his career at London 2012.
Dressage specialist Pearson took the gold in the mixed team championship and also won silver in the individual championship test grade Ib and bronze in the freestyle dressage.
"Obviously, 10 gold, one silver and one bronze just isn't enough," he told the Independent on Sunday.
"I'm disappointed because I do feel I've given a lot to Paralympic sport and equestrianism. I think 10 gold medals is quite an achievement.
"There still seems to be a discrepancy between a Paralympic medal and an Olympic medal. It's tougher to get on in normal life if you've got a disability, and then to do sport on top of that is quite an achievement, I think, but maybe the powers that be don't."
Bradley Wiggins and Ben Ainslie, who both won their fourth Olympic gold medals in London, were knighted in the New Year's List.
One Paralympian, Sarah Storey, did get the top honour as she was named a Dame.
Wheelchair athlete David Weir, who won four golds in London, making it six career golds in all, was named a CBE and admitted he thought the awards process was "weird."
"It's a weird one, how they choose it. Sometimes it seems that Paralympians have to win lots and lots of medals to get a damehood or a knighthood," he told the Telegraph.
"Kelly Holmes was made a dame when she won two gold medals, but it seems we have to get into double figures to get it. Sarah Storey should have been awarded this year's ago.
"I feel that sometimes we are left out, perhaps because we are not in the public eye. It is a bit strange, but I am just honoured to get anything from the Queen for doing a sport I love."
Former Paralympian Baroness Tanni Grey-Thompson, who was part of the Sports Honours Committee that recommended the honours, defended the selections.
"It's hard. I don't think you can compare the Olympics and Paralympics. The honours system is the fairest it's ever been in terms of the number of Paralympians winning awards," she said.
"Some people may feel it's not fair. But every gold-medal-winning Paralympian has been honoured, which wasn't the case in previous years."