Rangers are currently languishing down in the Scottish Third Division after a spectacular fall of grace caused by financial problems this summer.
However, McCoist believes that his side can still compete with the best and claimed that tonight's result was a small step on the way to restoring their former glories.
"It was really satisfying. I thought the performance warranted the victory and the two goals were top-class," said McCoist.
"It's a wee indicator to ourselves and the support that we can play against teams from the top of the league and higher up in the divisions but we can't get carried away.
"It's a very small step on what's going to be a long road. I make no apologies for telling the supporters that - we've got miles and miles to go. But it shows you, in a one-off game, we can compete with anybody."
Rangers, who moved into the Scottish Cup quarter-final with tonight's win, have been disappointing in the Third Division so far this season, sitting in second place having won three and drawn three of their six games.