The Gers put in a tactically disciplined display over the course of the 90 minutes with the Dutch side threatening and Rangers contributing to what was an entertaining match at Ibrox.
A draw may have been the fairest result over the piece but Rangers and Giovanni van Bronckhorst will be ruing losing two goals from corners in either half.
Rangers and PSV play out Champions League playoff draw
Ibrahim Sangare gave Ruud van Nistelrooy’s side a first-half lead when a scrappy corner and some poor Rangers defending saw the unmarked Ivorian free to force it past Jon McLaughlin.
But credit to Rangers, the Ibrox side remaining calm and drawing themselves level within three minutes after a beautiful team goal was polished off by Antonio Colak.
Steven Davis weaved a stunning ball through to James Tavernier who found the big Croatian’s sweeping right-foot for Colak to score his fourth goal in as many games.
Rangers would then hold firm amid some heavy PSV pressure during the second half and got themselves in front when Tom Lawrence’s bouncing long-range free-kick was fumbled by Argentine goalkeeper Walter Benitez.
But Rangers would be pegged back eight minutes later as PSV defender Armando Obispo rose unchallenged to nod in a Cody Gakpo corner and ensure the match would end in a tie.
Rangers may yet rue losing that goal and it could be decisive in the Netherlands but these are two evenly matched teams and it is clearly all to play for on the Continent.
Rangers have produced big away days in the past and will need another one here if they’re to earn a Champions League spot, the prestige of playing amongst Europe’s elite and the £40m cash prize of qualification.
This is a view echoed by manager Giovanni van Bronckhorst, who believes this Champions League tie is anything but over.
“I’m happy with the performance – we gave everything,” said Van Bronckhorst [BBC Sport].
“At moments we played really well against a quality side. The differences in 90 minutes weren’t that big.
“I’m a very positive person and of course we are able to go through. We have showed in the past we can get a result away from home.
“It’s still even. We have to go out there and play for everything.”
Read more about why one struggling Premier League club will be praying Rangers can overcome PSV Eindhoven in the Champions League Playoff.