The Ferrari driver had looked to have the edge in pace during the early stages of qualifying but, in the crucial first Q3 runs, it was the strategy options he and Max Verstappen took that proved crucial.
With the Imola track drying out, it was clear that the fastest laps of the session would likely come at the very end.
After an early banker lap, Leclerc elected to back off for a cool down lap to recharge his battery and prepare tyres for a later effort rather than push on for a second attempt.
Verstappen duly did a second push run to grab pole position, and Leclerc’s hopes of then being able to be respond were dashed by a spate of red flags and a late downpour.
Reflecting on how qualifying had progressed, Leclerc said: “It was all about putting the laps in and waiting for Q3 to put everything together.
“This is why it's even more frustrating for me, because when it counts in Q3, I did the wrong choice.
“But it's life. We'll learn from it and, at the end, P2 is not a disaster.”
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As Ferrari has been the pace-setter so far this season, with Leclerc securing pole positions in Bahrain and Australia, the Monegasque had little doubt that he had the potential to go for pole position.
“I am not happy,” he told F1 TV. “I think we had the pace. We were very strong all session.
“I did one lap [in Q3] which was strong and I decided to abort the second one just to prepare the tyres for the last two, because warm-up is quite a thing.
“I wanted to have the last two laps at the end of the session but it never happened because of the red flag. So it is like this.
“But Max did an incredible job. Fair play to him.
“P2 is not bad in the end. It is disappointing because I wanted to be on pole, but that’s the way it is.”
Although overtaking at Imola is not easy, Leclerc saw little reason to think that he had no chance of moving forward with both a sprint race and the main grand prix to come.
“I like to dream, but we need to focus on our job and not try to overdo things,” he said when asked if he was imagining a victory on Ferrari's home turf.
“I keep saying it, but I think it’s very important this weekend. So let’s keep pushing, but for now we have the potential to do so [win].”
