Former sports minister Gerry Sutcliffe claims "a big mistake" was made in the division of the New Year Honours between Olympians and Paralympians.
Paralympic cyclist Sarah Storey became a dame after winning four gold medals at London 2012, while cyclist Bradley Wiggins and sailor Ben Ainslie were knighted.
There was one CBE for a Paralympian - wheelchair athlete David Weir - and four for Olympians in Katherine Grainger, Jessica Ennis, Mo Farah and Victoria Pendleton.
Labour MP Sutcliffe, who is chair of the All Party Parliamentary Group on Disability Sport, told BBC Radio 4's The World This Weekend programme that opportunities were missed.
Equestrian dressage rider Lee Pearson, who received a CBE in the 2009 New Year Honours list, told the Independent on Sunday he believed he had a strong case for a knighthood after landing his 10th Paralympic gold at the London Games
Pearson said: "Obviously 10 gold, one silver and one bronze just isn't enough. I'm disappointed because I do feel I've given a lot to Paralympic sport and equestrianism."
Weir has also suggested Paralympians have to work harder to earn recognition than their non-disabled counterparts.
"I can understand Lee. For the sake of a couple of knighthoods and perhaps one or two more higher awards, there's been a lost opportunity because we want to make sure we maintain this progress for the Olympics and Paralympics in Rio in 2016," Sutcliffe said. "Clearly it leaves a sour taste if people like David Weir and Lee feel they could have been better treated and I think they're probably right on this occasion."
But Sophie Christiansen, who won three London 2012 Paralympic gold medals in dressage, questioned whether Pearson - who won three golds at the Sydney Games and then repeated the feat in Athens and Beijing - should receive a knighthood after adding just one further title in London.
Christiansen, who was made an OBE, said: "Lee is such a great ambassador, however he didn't win three gold medals this year like he has done, so the feeling is 'Why award that [knighthood] if he hasn't performed to his ability?'"