The Ibrox men fail to claim their 12th league victory in a row after Lewis McLeod put the home side ahead, but they remain well clear at the top of the Third Division
Lewis McLeod had the league leaders in a commanding position with his early strike, but they were not able to hang on and claim their 12th victory in a row.
Rangers made three changes to the side that won at Annan on Wednesday, with Darren Cole, Robbie Crawford and Francisco Sandaza all dropping out and being replaced by MacLeod, Emilson Cribari and skipper Lee McCulloch.
The visitors boss Ross Jack made two changes from the side that lost the derby fixture at home to Peterhead, with former Hearts duo Paul McMullan and Dennis Wyness being dropped to the bench in place of Graeme Beveridge and Paul Harkins.
The league leaders continued their march towards the title, getting off to an early start as MacLeod raced into the Elgin box after McCulloch had won the ball on the edge of the area and the midfielder slotted the ball past Joe Malin in the visitors goal.
However Elgin almost got back on level terms within a minute of the opener, as Daniel Moore made a run forward from just inside the Rangers half and eventually forced a strike towards goal, which Neil Alexander had to do well to force away.
Rangers continued to push forward, looking to add to their advantage with both Andy Little and Ian Black having efforts at goal, but neither of the Ibrox men could find a way past the Elgin defence to double the lead.
The visitors finished the first half a man down as Harkins was shown a straight red card for a late challenge on Black.
The Ibrox side started the second half with real intent, as Little, Chris Hegarty and then David Templeton all tried their luck with strikes towards goal, but once again the league leaders failed to add to their lead.
Ally McCoist decided to liven things up with the game becoming dire, with Barrie McKay coming on in place of MacLeod and immediately he lit up Ibrox as he went beyond three Elgin defender before striking straight at the legs of Malin.
The victory should have been secured for the league leaders as firstly Little got onto the end of a cross from Templeton but his header was somehow kept out of goal by the Elgin keeper Malin.
A minute later it was a pair of substitutes that linked up for Rangers, as McKay crossed from the right for Dean Shiels, but the Northern Ireland international put his volley well over Malin’s bar.
The changes continue to fly towards the Elgin goal, with Templeton picking the ball up on the edge of the area and letting fly, but a visiting defender got in the way to deflect the ball wide.
With less than five minutes remaining in the game Alexander, who had been largely unemployed in the Rangers goal, failed to hold on to a Leslie header after a free kick from the right to snatch a point for the visitors.