The series returned for its second round of the season after the Australian Grand Prix, with both drivers facing a difficult time converting pace into results around the notoriously unforgiving street circuit.
Sharp was the stronger of the pair across the two races, finishing 17th in the sprint before improving to 12th in the feature race.
The New Zealander finished 13th on the road in the sprint but was shuffled down the order after receiving a penalty for a procedural infringement, a sanction also applied to several other drivers.
Sharp said he felt the underlying pace was stronger than the results suggested.
“Overall, it was a difficult weekend after qualifying,” Sharp said.
“Obviously, if you don’t qualify at the front, it’s difficult to do much in Monaco.
“We did well in both races, pushing forward and making up positions, and I think our pace was really strong.
“We just weren’t able to show it properly and ended up finishing further back than we probably deserved.
“Still, we learned a lot on my side and with the car as well. There are plenty of positives to take away.
“Now we need to reset ahead of Barcelona, which is a very different type of circuit, and I’m looking forward to it.”
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Wharton, meanwhile, faced a far more difficult build-up to his weekend after crashing heavily during the sole practice session on Friday at Turn 14, leaving him on the back foot for the remainder of the event.
The Australian bounced back to take 15th in the sprint race before finishing 18th in the feature race, but was unable to fully recover from the lost track time and compromised preparation.
Despite the setbacks, Wharton also pointed to encouraging race pace, including setting the fastest lap in both races across the weekend.
“Overall a tough weekend after such a long break,” Wharton said.
“From practice we were on the back foot, which put us out of position for the races, but we showed our speed with two fastest laps.
“We now need to look ahead to Barcelona and show everyone our true pace.”
The weekend still delivered a small breakthrough for Prema, with Jose Garfias securing the team’s first points of the season after being promoted to 10th in the sprint following post-race penalties.
China’s Gerrard Xie won the sprint and Brando Badoer took honours in the feature race, while American Ugo Ugochukwu maintained his lead at the top of the drivers’ championship ahead of round 3 in Spain this weekend.
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