Mo Edu gave them a much deserved lead in the first half before turning in to his own goal early in the second period to level things up again.
While before the game a draw would have been regarded as a decent result Rangers will no doubt feel they had done enough to earn all three points against Unai Emery’s side.
Edu’s opener was no more than they deserved as they capped 15 minutes of total domination with a goal.
Rangers looked to make the most of David Navarro being off for treatment with Whittaker advancing down the left after 33 minutes.
He forced a corner and from Weiss’s delivery Edu rose high above Cesar to force the ball home with his head and get Ibrox rocking.
Rangers had seemed happy to concede possession to the Spanish side in the opening spell it was the home side who eventually dominated.
There was a glimpse of what was to come when Davis broke up play in the middle of the park and instantly looked long for Miller.
David Navarro won the header but Miller was in the hunt for the second ball and was only just beaten to the ball by Cesar in the Valencia goal.
The home crowd were understandably nervous but a Naismith chance got them going and from there they urged the Light Blues forward.
The on form midfielder managed to get on the end of Miller’s snap cross after good work from Foster on the right.
Cesar was again equal to the effort, but that seventeenth minute effort sparked a real spell of pressure for the home side.
Naismith almost turned creator a minute later when his deep delivery from the right found Miller’s head, only for Cesar to block once more.
The ball eventually found its way back to Edu and when he rolled it to the edge of the box Naismith’s shot was deflected behind for a corner.
There were appeals for a penalty from the resulting set piece, but with nothing given the ball broke to Papac whose left foot drive was forced behind for another corner.
Perhaps the best chances though fell to Miller, either side of Edu’s headed opener.
On 25 minutes a Davis pass released the prolific front man but he couldn’t find a way beyond Cesar from just inside the box.
His second real opportunity was even better. With just minutes of the half remaining a brilliant strike from Edu beat Cesar and cracked the upright, bouncing back to Miller.
However the Scotland front man couldn’t convert as the ball sat up and he blazed over the top of the bar.
It was a sign of just how on top Walter Smith’s side had been in the opening period with just a few sights at goal afforded to their Spanish visitors.
As the teams made their way up the tunnel it was to a rousing reception, but the stadium was to be silenced within a minute of the restart.
The hero of the first half once again got highest in the box but this time the ball came off Edu’s head and beat McGregor to level things with just 45 seconds of the second period played.
It was exactly the kind of start Rangers would have wanted to avoid and it dampened the enthusiasm of the home support as Valencia enjoyed some sustained pressure.
However Rangers recovered to rouse their support once more and after enduring some nervy moments once again carved open the better chances.
Davis almost found a way through from exactly the spot he had scored from four days earlier against Motherwell.
This time the Ulsterman went for control over power and his deft lob was touched over the top by Cesar.
That seemed to spark something in the home side and with 25 minutes remaining they again began to exert some pressure.
And when Naismith was fouled on the edge of the Valencia box it was Papac who came so close to edging Rangers back in front.
He took the kick from the corner of the box and his fizzing left foot effort was narrowly over the junction of post and bar.
But the best chance of the second period fell to Naismith and similar to his first half opening he just couldn’t find the target.
It was a floated delivery from Davis that saw him break free of the defensive shackles but he couldn’t get enough on it to force it home.
It seemed certain that the home side wouldn’t get another opening as good, but when Naismith saw a shot well blocked the ball fell to Richard Foster.
He would have been an unlikely hero but his left foot effort was high over the top and the chance was gone for Walter Smith’s men.