The visitors had beaten James Fowler's men in their match earlier in the season, and started the contest on the front foot.
Rovers took the lead in the 22nd minute as Robbie Thomson committed an error when he attempted to claim a cross, but could only bundle the ball into the back of his own net under pressure from Lewis Toshney.
Raith continued to have the better of the few opportunities in the first half, but were unable to double their advantage.
In the second half, the home side levelled the scores when substitute Lewis Kidd released the run of Alex Harris down the right before the midfielder squared his pass for Russell to steer past Kevin Cuthbert.
Queen of the South put pressure on the visitors throughout the second half, but were unable to force a winner as both teams settled for a share of the spoils.
The result lifts Raith into fourth place in the table, while Fowler's men sit in sixth.