Khloe Kardashian -- Simon Cowell's Right ... My Nipples WERE Distracting

Khloe Kardashian says she can't really blame Simon Cowell for pointing out her nipple situation during a live taping of "X Factor" ... 'cause things would've been even more awkward if he ignored 'em.

As we previously reported, Simon made a couple comments about Khloe's enthusiastic areolas during Wednesday's show ... suggesting the air conditioner was on a little too high.

But on her way out of Boa Steakhouse in Hollywood last night, Khloe told us, "I think if he didn't say it, it probably would have been awkward ... because that was pretty noticeable ... that's live TV."

We also asked Khloe how she felt about working with record producer Damon Thomas -- who happens to be Kim's ex-husband. Awkward, right?