Arguably, the most important section of Shakespeare's The Tempest is near the end of the play when Prospero draws his magic circle. The major conflict in the play revolves around Prospero's attempt to seek revenge on his brother Antonio and Antonio's supporters Alonso and Sebastian for Antonio's taking over control of Milan. Shunned into exile, Prospero has become the lord of the island, and he has harnassed Ariel's magic to use for his own purposes. When Prospero draws the magic circle, wrongs begin to come right as Prospero calls for the wrongs against him to be acknowledged. Also, this is the end of Prospero's use of magic, and afterward, he frees Ariel as he has been promising for a long time. So, this scene may be considered important.
And Miranda's "O, Wonder! / How many goodly creatures are there here!........" and Prospero's response: "'Tis new to thee"(5.1)
The epilogue is much noted. It is interesting to compare it to Peter Quince's prologue to the play within the play A MIDSUMMER NIGHT'S DREAM(MND5.1).