Townsend played superbly in Tottenham's 1-1 draw with Chelsea, but he blotted his copybook in the first half when he feigned being tripped by
Dean rightly booked Townsend and the 22-year-old admitted after the game that he was wrong to dive.
"It was definitely a yellow card. I deserved it," the Tottenham winger said.
"You make mistakes and that dive was a mistake. I apologised to the ref. I said to him at half-time that I thoroughly deserved it and hopefully I won't do that again.
"I have got to kick it out of my game."
Given that so many players refuse to acknowledge that they actually dive, Townsend's words are refreshing to hear.
The midfielder was accused of simulation when he won a penalty against Swansea City earlier this season, but the youngster insists he is not a prolific diver.
Townsend says that just like Bale, he sometimes has to go to ground because of his express pace.
Explaining his thought process when he cut inside Lampard and fell to the turf, Townsend said: "It goes so fast, I came inside and I saw (Lampard's) leg and I went over and he pulled (his leg) out at the last minute.
"I didn't have time to react to that. It's sort of instinct. People said I dived against Swansea, but if you are running that fast, with any little touch you are going to go over."
Mindful of Townsend's probable selection, and his young age, Lampard tried to play down the incident after the game.
"I don't want to criticise too much," the Chelsea midfielder said.
"He's so quick that I was just pleased he fell over rather than carry on running.
"Maybe he was waiting for contact and it didn't come and he fell over ... but you get a yellow card and carry on.
"We don't need to turn it into a diving campaign because that would get legs very quickly.
"He's a great talent and he's going to be a big player for Tottenham and for England."
Hodgson is likely to have been impressed by Townsend's overall performance against the Blues.
The winger gave
Villas-Boas feared Townsend's international career could be a flash in the pan, but Hodgson gave the midfielder some words of encouragement after his first call-up last month, and all being well the player looks to feature heavily in the England manager's plans.
"He said to me that he had been watching me not only this season, but when I was on loan at QPR last season," Townsend said.
"He told me that if I continue what I am doing I will get in the squad so that is what I am going to try to do.
"But I'm just concentrating on Spurs at the moment. It's hard enough getting in this team!"
Arsenal and Manchester City will be nervously awaiting Monday's UEFA Champions League draw after finishing second in their groups to leave them facing a daunting array of potential opponents, while group winners Manchester United and Chelsea hope for an easier ride.