"The future for us is not the 2012 presidential race," she said. "It's next year and our next budget, and the next reforms in our states, and in 2010 we're going to have 36 governors' positions open across the US. That's what we're focused on."
There was no lack of issues for the party to concentrate on, she said, and Republicans should help present solutions to the economic challenges the country faced.
"We are now the minority party, but let us not resolve to become the negative party. Losing an election does not have to mean losing our way," she said.
Republicans should go on "confident in the knowledge there will be another day and we will gather once more with new strength".
Mrs Palin also paid tribute to President-elect Barack Obama, saying: "If he governs with the skill and grace and greatness of which he is capable, we're going to be just fine."
On Wednesday the mother-of-five told CNN's Larry King that she was proud of Mr Obama and prayed for him.
Sarah Palin was relatively unknown outside Alaska before Mr McCain picked her as his number two in August.
She drew huge crowds on the campaign trail despite tough criticism that she lacked political experience.
But correspondents say Mrs Palin could face stiff competition if she wants to become the Republican nominee in 2012.
Former Massachusetts Governor Mitt Romney and Arkansas Governor Mike Huckabee, who both failed in their candidacy this year, along with Florida Governor Charlie Crist and Mississippi Governor Haley Barbour, may also be candidates.
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