Novo's priceless 58th-minute strike was enough to see off Hibs but it looked to be a hollow victory with Celtic winning at Fir Park.
But the atmosphere at Easter Road changed in the final minutes with Rangers' fans, tuned in to their radios, acclaimed Motherwell's equalising goal at Fir Park.
Hibs were not unhappy themselves - by avoiding a heavy defeat, they managed to secure a UEFA Cup berth ahead of Aberdeen as they clinched third place.
Guillaume Beuzelin returned to the Hib' midfield for only his second league start since mid-December and it was the home side who threatened first.
Garry O'Connor was given too much space and his 25-yard shot was beaten out by Ronald Waterreus.
O'Connor went close again after Stephen Glass whipped in a free-kick, but his six-yard header was just a foot too high.
Rangers' defence did not look too comfortable and, on more than one occasion in the first half, needlessly gave away possession just outside their own penalty area.
Yet Rangers came within inches of taking the lead against the run of play after ten minutes.
Simon Brown misjudged a long through ball from Alex Rae and presented Novo with a vacant net but his angled shot came back off the post.
It was a major let-off for the Hibs goalkeeper who had an uncertain afternoon and was fortunate Gary Caldwell and Gary Smith played so solidly in front of him.
Steven Whittaker came to his aid when Dado Prso managed to get to the bye-line and cut the ball back as he booted the ball clear with Shota Arveladze hovering.
But Rangers were restricted for the most part to shots from distance and Rae and Prso both blasted efforts well wide from good positions.
Novo came close again in the 25th minute when his 20-yard shot ruffled the sidenetting with Simon Brown slow to get down.
Rangers' first effort on target did not come until ten minutes from the break when a decent first touch from Thomas Buffel from a Rae pass gave him a clear look at goal, but his 16-yard effort lacked power and Brown saved comfortably.
Rangers looked lively at the start of the second half and a great touch from Prso set Buffel up but Whittaker made a superb last-ditch tackle to rescue Hibs.
Buffel wasted another good opening after Ian Murray was caught in possession by Novo, but he rushed his shot and sent it a yard over the top.
Waterreus had to race out of his penalty area at the other end to head clear after Derek Riordan's quick through ball had threatened to release O'Connor.
Rangers made the breakthrough in 58 minutes. Caldwell gave away possession and Buffel held the ball up cleverly before spreading the ball wide to Novo who drilled a shot across Simon Brown into the far corner of the net.
Hibs lost Ivan Sproule with a hamstring injury midway through the second half and, by that stage, Rangers had assumed control of the game.
Stephen Glass shot wide after good build-up play, but Rangers were never seriously troubled in the final minutes.