Attendance 45,197
Milan's galaxy of stars were all there - Ronaldinho, Kaka, David Beckham, Andrea Pirlo, Filippo Inzaghi, Andriy Shevchenko, Clarence Seedorf and the new wonderkid - Pato.
Manager Walter Smith meanwhile made five changes from Saturday with Sasa Papac, Steven Naismith, Maurice Edu, Lee McCulloch and Kyle Lafferty replacing Kirk Broadfoot, Steve Davis, Barry Ferguson, Kris Boyd and the injured Nacho Novo.
Rangers were the first to threaten Kyle Lafferty's thirteenth minute header from a John Fleck cross being just too high.
Two minutes later Inzaghi was free six yards out only to see Allan McGregor block his shot.
Ronaldinho was as great a threat as he was an entertainer - and his expertise in dead-ball situations was underlined in 23 minutes when his 22-yard free-kick struck an upright.
Six minutes later Fleck's angled shot from a Pedro Mendes pass was held by Milan goalkeeper Dida, who again proved equal to the task shortly afterwards when he held a thirty-yard drive from Steven Whittaker.
Rangers were beginning to impose themselves - in 34 minutes Mendes combined with Fleck to create an opening, the Portuguese midfielder's drive was blocked as was Edu's effort from the rebound.
Milan were always dangerous however - Ronaldinho releasing Inzaghi in 41 minutes only for McGregor to block his effort, then right on the cusp of the interval the Brazilian superstar was denied by a timely tackle from Madjid Bougherra.
A flood of substitutions at the interval saw six replacements for the home side who now had Neil Alexander in goal behind a central defence of Christian Dailly (making his first appearance since 21 September) and Broadfoot, whilst up front there was a rare outing for Andrius Velicka (first since August 16). For the visitors Beckham made way for Seedorf.
Alexander was soon called into action - holding Shevchenko's turn and shot from a Seedorf pass in the opening minute of the half.
Kaka substituted for Ronaldinho on the hour.
Two minutes later Seedorf, ghosting past Whittaker as if he wasn't there, sent a twenty-yard shot just over.
The opening goal arrived in 64 minutes - and it fell to DaMarcus Beasley who broke through the Milan defence to stab the ball home.
The Italian side tried to respond immediately - within three minutes Kaka's 25-yard shot from a Seedorf pass was just over.
The scores were levelled in 69 minutes when Kaka broke free on the left, his cross being intercepted by Christian Dailly only to rebound off Whittaker into the path of Pato who slotted home the equaliser with his first touch after having replaced Shevchenko just sixty seconds earlier.
Milan went all out for the lead - three minutes later Inzaghi's volley from a Pirlo cross was blocked by McGregor, but the second goal when it arrived was a magnificent individual goal from Kaka who concluded a mazy run with a superb twenty-yard drive that left Alexander helpless.
The Brazilian received a standing ovation from the home fans for a stunning individual effort - and he reciprocated in kind. Clearly this was one star who appreciated true football fans and sportsmen.
Rangers were far from down however - Papac coolly levelling the scoreline in 82 minutes following a run from Aaron.
The Spanish substitute almost stole the winner three minutes later when his 25-yard free-kick flashed inches wide.
The 2-2 draw was a fair result however - and both sides received a massive ovation at the final whistle. The night had been an outstanding success.
Afterwards Walter Smith reflected:
"It was a fantastic turn-out on a bitterly cold night. It was good to play against one of Europe's top teams. The game was played at a decent pace but it took a little while for both teams to get going. It was a good night for everyone."
RANGERS McGregor (Alexander 45); Whittaker, Bougherra (Broadfoot 45), Weir (Dailly 45), Papac; Naismith (Aaron 59), Edu (Davis 74), McCulloch (Boyd 81), Mendes (Ferguson 45), Fleck (Beasley 45); Lafferty (Velicka 45)
UNUSED SUB Miller
AC MILAN Dida; Mattioni (Albertazzi 74), Senderos (Darmian 45), Da Silva, Antonini (Jankulovski 59); Beckham (Seedorf 45), Flamini (Cardacio 59), Pirlo, Ronaldinho (Kaka 59); Inzaghi, Shevchenko (Pato 68)
UNUSED SUBS Donnarumma, Strasser
REFEREE Willie Collum