He got an emphatic one but a stack of missed chances and some curious decisions by referee Charlie Richmond denied them what would have been a deserved win.
Kris Boyd put the hosts in front early on with his fifth goal of the season but Anthony Stokes’ second-half strike gave the stuffy Edinburgh visitors a point of their own.
While that was frustrating for Smith, he’ll take plenty of heart from the way his men rose to the occasion so soon after hitting their lowest ebb.
It wasn’t too surprising to see changes made to the team after the humiliating 4-1 defeat to Unirea.
Two of the three alterations were enforced because of injuries to Pedro Mendes and Kevin Thomson, with Jerome Rothen also dropping out of the first XI.
Walter Smith fielded four strikers, with Boyd and Kenny Miller reunited up front and Kyle Lafferty and Steven Naismith either side of midfield.
Stevie Smith also came in as Lee McCulloch stepped up into midfield and Sasa Papac moved across to the heart of defence.
Hibs started brightest and, having forced a corner within 20 seconds, Derek Riordan shot across goal and just wide after it came in.
But Rangers’ responded well, with Boyd turning his man superbly in the box and only just missing the target himself.
By and large it was the visitors who made most of the running early on as the effects of that European result lingered.
Back came the hosts though, with Lafferty’s positive run and shot forcing a corner which Miller headed a yard over the upright.
It quickly developed into an open game, with Gers clearly eager to put what had happened just four days earlier behind them.
And with just eight minutes gone, Boyd found the net when he volleyed in an excellent cushioned header from Lafferty after a deep ball to the back post by Steven Whittaker.
Hibernian tried to hit back and Liam Miller tried his luck from distance but pulled his effort well wide.
That summed up the change in the match and having looked a little slow to begin with, it was the hosts who were starting to dictate play.
Showing plenty of urgency, Lafferty had a shot blocked and Smith only just failed to connect with a knock down from the big Ulsterman.
A slack pass from Naismith almost gifted the Edinburgh team a leveller though and it took a good save from Allan McGregor to bail him out.
The keeper denied Merouane Zemmama on that occasion and it was the little Moroccan who had hearts in mouths seconds later as his shot cannoned back off the post.
Stokes put the rebound in but linesman James Bee was early with his flag and the goal was disallowed for offside.
Even so, it came as a warning to Gers that they were by no means comfortable leaders and the onus was on them to add to their advantage.
Miller should have perhaps nodded in a second after Naismith’s shot was charged down and the resulting cross was headed back across goal by Boyd.
Rangers were forced into a change shortly before half time when Lee McCulloch was forced out of the game with an injury and he was replaced by John Fleck.
But it didn’t affect them and both Boyd and Lafferty wasted fantastic opportunities to strike before the break.
That almost proved costly as Stokes broke the offside trap but McGregor made a wonderful stretching save to tip away from his goal and it was 1-0 at the midway point.
Manager Smith’s men were a touch slow to get going after the restart but almost doubled their lead through captain David Weir.
Fleck swung an outswinging corner in and the skipper connected superbly but his half volley was inches wide.
The champions were applying more pressure and Miller was next to have a go, his header just clipping the bar from Smith’s free kick after Naismith was flattened.
Indeed, the title holders were having arguably having their best spell of the match now and it took a good save from Graham Stack to deny Miller once more.
Gers were getting a lot of room on the left and away boss John Hughes reacted by replacing his full-back David Wotherspoon with Lewis Stevenson.
But even after the switch, Sasa Papac charged down the same flank and unleashed a screamer that Stack did extremely well to paw away.
The Bosnian wasn’t finished there and his next act was to charge down the away defence and set up Boyd but the hitman fired over the woodwork after showing good feet.
Zemmama showed Hibs were still in the game at the other end with another rocket that McGregor was alert to and pushed up and behind.
When the corner came in and was cleared momentarily, it then took another brilliant stop by the keeper from Riordan to keep the hosts in front.
Rangers quickly turned defence into attack and Fleck charged upfield, releasing Naismith who then saw Miller just fail to connect with his cross.
And then, out of nowhere, Hibs made it 1-1 as Stokes got away from his marker and lifted over McGregor into the net.
Gers were rattled but weren’t in the mood to waste time licking their wounds and set about trying to get in front again.
On came Nacho Novo for Miller, with Hibs also throwing on youngster Danny Galbraith for the quiet, ineffective and constantly complaining Abdessalam Benjelloun.
Play was swinging from end to end now and the Light Blues were intent on making sure they came out as winners.
They were giving it their all in a rousing performance that, with quarter of an hour left, was only looking another goal.
Bamba nearly gave them a helping hand with a header he was grateful to see drop out for a corner before Naismith’s first-time drive flashed past.
Hibs felt they could win the game and Hughes put on Colin Nish for the final stages and his first contribution was a shocking challenge on Smith.
Just as the left-back had been booked moments earlier, so too was the former Kilmarnock man.
Nish wasn’t making the impact Hughes had hoped for and it was Rangers who were looking more like edging it.
Fleck shot over and after a goalmouth scramble at the other end, Novo was denied what seemed a stonewall penalty when Bamba pulled him down in the box.
Incredibly, Boyd was booked when referee Charlie Richmond felt he had dived when Bamba looked late once more in the area and Ibrox was in uproar.
Fleck tried again from 30 yards but the effort deflected the ball away from goal when it seemed on target.
With that, it looked as though any hope of victory was gone and as Lafferty headed over, the ball fell down into the crowd with an almighty sigh.
Just 30 seconds from the end, there was one last flurry and as Boyd finally threaded in Novo, he netted at last – only to be flagged offside and probably correctly.
Rangers had given their all but it wasn’t quite enough, although their point meant they’d stayed top of the SPL table and they remain unbeaten domestically.