However, Arsenal boss Unai Emery will be pleased with the performance of Smith-Rowe, with fellow youngsters Guendouzi and Reiss Nelson also impressing.
Under International Champions Cup rules, the game went straight to penalties where substitute Atletico goalkeeper Antonio Adan starred, saving three before coolly scoring the victor himself.
The win means Atletico now occupies the 7th position on the log with 3 points from one game, while the Gunners occupies the 9th position with no point from one game.
It has been a summer of change at Arsenal, with Arsene Wenger leaving the club after more than two decades as manager and rumours recently suggesting that shareholder Alisher Usmanov is looking to sell off his stake in the club after more than a decade.
"He is committed here for many years", Emery said at a news conference in Singapore during Arsenal's preseason tour.
Signed for a reported £7 million (S$12.5 million) from French club Lorient earlier this month, the 19-year-old was forceful in the hustle and bustle of midfield as he showed no fear in asking for the ball from his established team-mates.
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Gazidis is also in Singapore with the team this week, and Emery said the two talk "every day". They are working hard in training to be involved with the first team.
After Luciano Vietto's goal in the 40th minute, Unai Emery's men came out of the tunnel and equalized after about a minute.
"He is 17 years old but he has grown up in the academy and we need to give the young players the opportunity to work with us every day and play matches like today".
But wiping out Atletico's lead was an even more impressive effort from a teenager wearing the No. 55 jersey for the Gunners.
I think Aaron is an important player for us.
"He is starting today because his performances are good in each training session", said Emery. "Historically, Arsenal has worked with young players to give them the chance to work with the first team, for them to show their quality in each match".