Despite going down to ten men in the 55th minute the Spiders looked to be holding on to claim a point on their home patch.
But with just a minute to go super sub Aird stepped up to the plate and after cutting in from the right he curled a delightful shot into the corner of the net from 20 yards.
It was a remarkable end to a hard-fought battle in which Rangers struggled to produce their best form against their amateur opponents.
Indeed Gardner Speirs will be proud of his players’ efforts but gutted they couldn’t hold on to record a memorable result from this derby clash.
Rangers, however, now march into 2013 having won their last 10 league encounters and they are now 15 points clear at the top of the Third Division.
The Glasgow rivals first went head-to-head back in 1875 and this afternoon’s Third Division clash was an historic occasion for both clubs.
Indeed, a crowd of 30,117 took in the action on a wet and windy day and it was the first time in the Spiders’ history that TV cameras had covered one of their competitive games live.
McCoist was forced to make two changes to his starting line-up with Lewis Macleod ruled out due to a virus and Andy Little unable to recover from a hamstring injury in time to play.
This meant Robbie Crawford was on the right wing and fit-again Ian Black partnered Kyle Hutton in the centre of midfield.
With the Hampden surface in perfect condition Rangers started the match positively and enjoyed plenty of possession in the opening ten minutes without troubling Queen’s keeper Neil Parry.
On 13 minutes, however, a cross from their attacking full back Andrew Robertson skimmed off Crawford’s arm but Ian Watt’s free-kick from a dangerous position was poor and flew over Neil Alexander’s bar.
David Anderson’s left foot shot from 20 yards then went a foot wide of target on 19 minutes but this gave the home side’s confidence a boost as they attempted to get a grip on the game.
On 22 minutes, however, Rangers produced a moment of quality which should have resulted in the opening goal.
McKay’s burst of pace took him past right back Paul McGinn and his low cross found Templeton as he made his way into the 18-yard box.
His first touch was excellent but he then blazed his shot over to relief of the home defence.
The winger was then perhaps lucky not to pick up the first yellow card of the afternoon for a late challenge on Anderson on the half way line.
Black was not so fortuitous and just seconds later his tackle on Paul Gallacher saw Willie Collum go for his top pocket to book the midfielder.
At the half hour mark the Light Blues attempted to shift through the gears and on 33 minutes a good cross from Black was met by Crawford but his header went inches wide with Parry at full stretch.
McKay looked the player most likely to unlock Queen’s hard working back four in the first half but on 36 minutes a positive run and shot from Black had to be watched by the Spiders’ keeper as it went wide.
After a rather flat and frustrating first half Speirs would have been the happier manager with his side working very hard and keeping their shape.
It was up to Rangers to make things happen and at the start of the second period the signs looked good for the visitors.
On 51 minutes a clever chip from Lee McCulloch landed on the roof of Parry’s net and it was the skipper’s first real effort on goal.
McKay then came in from the wing and after playing a great one-two with McCulloch on the edge of the box the youngster’s powerful effort produced a stunning stop from the Queen’s number one.
On 55 minutes the first big moment of the game arrived when Jamie Brough was shown a red card for a second bookable offence on Templeton. The defender appeared to trip the winger but after seeing the replay it looked a harsh decision.
With an extra man advantage Rangers now had to show a bit more imagination and on 64 minutes McCoist made his first change with Aird replacing Black. And with 20 minutes remaining Fran Sandaza was given the chance to show what he could do when he took the place of Hutton.
With more attacking players on the pitch Queen’s Park were now under increasing pressure and after Templeton’s dinked effort was saved by Parry, Sandaza’s deflected effort hit the side netting at the keeper’s near post.
But with Rangers throwing every man forward they were almost caught on the counter when Shankland received the ball in space but with just Lee Wallace back his shot lacked the power to beat Alexander.
On 82 minutes a free-kick from Shankland narrowly missed the top corner before Sandaza found himself through on goal but again his finish skimmed the side netting.
McCulloch then had his hands on his head when he found space in the box but his header from McKay’s whipped cross went over when he should really have done better.
The game looked to be finishing level but as it moved into injury time Aird produced his moment of magic.
He cut in from the left and from 20 yards he arrowed a curled a delightful right foot strike into the bottom corner giving Parry no chance.
It was the winger’s first senior goal and he celebrated in style with the jubilant Bears that had travelled to the national stadium.
Queen’s Park: Parry, McGinn, Little, Brough, Robertson, Gallacher, Anderson, Keenan, Watt (Connolly 74), Quinn, Shankland (McParland 89).
Subs Not Used: Lochhead, Bradley, Longworth
Sent Off: Brough (55)
Booked: Brough, Gallacher, Anderson, Shankland, Connolly
Rangers: Alexander, Hegarty, Perry, Emilson Cribari, Wallace, Crawford, Black (Aird 65), Hutton (Sandaza 71), McKay, McCulloch, Templeton
Subs Not Used: Currie, Cole, Faure
Booked: Black, Hutton
Attendance: 30,117
Referee: William Collum