But Stenny may have been forgiven for thinking they were set to endure a repeat of their 8-0 defeat at the same ground in September when Emilson Cribari saw his header rattle the crossbar with barely six minutes played.
Despite conceding against the run of play, Rangers bossed proceedings in the first half and both Lee Wallace and Nicky Law went close to an equaliser only to be denied by the scrambling Stenhousemuir defence.
Rangers were unlucky not to have taken the lead before the interval when Andy Little's rasping drive beat the clutches of Smith only to come back off the woodwork.
Despite the domination of possession and attacking play from Ally McCoist's side, the league leaders were behind 12 minutes into the second half when Sean Higgins headed home Sean Lynch's cross to stun the Ibrox faithful into silence.
But the home supporters' frustrations were soon eased when Ross McMillan inadvertently turned the ball into his own net on 69 minutes.
However, 15 minutes left Stenmousemuir were awarded a penalty when Cribari brought down Stewart Graecen and Higgins tucked away the spot kick to level the game again.
The visitors, who have failed to win in the previous eight games, withheld late Rangers pressure to earn a point, which keeps them seventh in the table.
A draw, while putting a minor dent in their unbeaten record as they failed to win for only the second time, does little to damage the 21-point lead McCoist's side have over second-placed Dunfermline.