Michael Mols shot them in front again six minutes into the second half but Italian hitman Marco Simone struck 13 minutes from the end to break Gers’ hearts.
As news filtered through of the score in Istanbul, also a draw between Galatasaray and Sturm Graz, the Light Blue legions trooped away in disappointment as they heard of the same result.
Yet 90 minutes earlier they were in ecstasy when, as expected, they heard Michael Mols had made the starting line-up along with his fellow countryman, Ronald de Boer, after passing a late fitness test.
In fact, for a change, Dick Advocaat threw up very few Champions League surprises as he fielded the same team which demolished St Mirren 7-1 at the weekend with the exception of Tony Vidmar who replaced Tugay Kerimoglu.
The Light Blues made a good start to the game and with Monaco apparently shell-shocked by the noisy Ibrox crowd – all 50,228 of them – they put the French champions under immense pressure.
And it took only two minutes for Rangers to get their noses in front and it was that man Kenny Miller again who scored the goal, his EIGHTH in only his last FOUR starts for the club.
Arthur Numan ran down the left flank and crossed the ball into the box, Pablo Contreras hesitated, allowing the ball to bounce over him and the waiting Miller fired the ball home.
The young striker could have had another one four minutes later but De Boer delayed with his pass when the former Hibs man was free in the box and allowed the Monaco defence time to recover and clear the danger.
Advocaat’s troops then had some more chances soon after that but they squandered them, giving Monaco heart and the French champions soon get themselves back on level terms.
It came in the 38th minute when Marco Simone swing in an inch-perfect corner to the near post which Francisco Da Costa headed home – silencing the Ibrox crowd.
The score remained that wait until the break and when the teams re-emerged there were no changes from either side, a little surprising considering both Mols and De Boer looked to be tiring.
Then moments into the second half Rangers were let off the hook. Lorenzo Amoruso hesitated and Simone took advantage but the Italian couldn’t do the simple thing and put the ball into the net after doing all the hard work.
But Rangers were to make Monaco pay for missing that sitter when, in the 51st minute, Mols made it 2-1 in the home side’s favour. The Dutchman picked up the ball just outside the box and fired beyond the helpless Stephane Porato.
It looked then like Advocaat would be leading his men into the second phase of the Champions League for the first time in the club’s history but with only 13 minutes remaining on the clock Monaco shocked the home side and got themselves back on level terms.
Simone picked the ball up in the middle of the park, ran at the Rangers rearguard and fired a brilliant strike past Christiansen who was helpless between the sticks.
Either side could have snatched it at the end but the game ended in a 2-2 draw and with Galatasaray and Sturm Graz also drawing 2-2 it means Rangers will once again have to contend with a place in the UEFA Cup.