Dermot Keely and his new charges were on course to record the most glorious night in the club's history when they led the Ibrox branch of the Glasgow Old Firm 3-0 after 57 minutes of the UEFA Cup qualifying round first leg match, in front of a two-thirds empty Prenton Park.
Then Rangers, helped by two moments of madness in the Shelbourne box, staged one of the greatest comebacks since Lazarus to keep their European hopes alive.
And in the final half-hour, Dick Advocaat's men finally found their goal-scoring touch to give the Dutch man a winning start to his managerial reign. Shelbourne's goals came from Sergio Porrini's own goal and two pieces of fine finishing from Mark Rutherford and, in particular, Pat Morley.
But Rangers battled back as they ran out deserved winners thanks to the two goals apiece from Jorg Albertz and Gabriel Amato, while Giovanni van Bronckhorst also scored on his competitive debut.
Rangers had started brightly and after five minutes Gordon Durie broke down the right and crossed to fellow striker David Graham, who was making his European debut, when his shot was blocked.
Shelbourne then stunned Rangers when they opened the scoring after seven minutes.
Dessie Baker, who scored against Kilmarnock in the European Cup Winners' Cup last season, sent over a dangerous right wing cross which Porrini headed into his own net.
Rangers responded and the impressive Albertz fed Durie down the left and he cut inside onto his right foot and unleashed a great shot, which Alan Gough touched over. The Shelbourne goalkeeper can count himself grossly unlucky, for despite the scoreline he had been immensely impressive.
Shelbourne could have had a second on 20 minutes when Dean Fitzgerald played in Baker, but his weak cross was easily cut out by Antti Niemi in the Rangers goal.
Shelbourne scored their second when Niemi totally missed Pat Fenlon's right wing corner and Pat Scully knocked the ball back in for Rutherford to find the back of the net.
At half-time Rangers brought on Jonathan Johannson and Gabriel Amato, and within a minute Johannson forced a great save from Gough.
Van Bronckhorst twice went close while a Porrini cross dipped just behind the bar as the Shelbourne defence stood firm.
Incredibly, Shelbourne scored again against the run of play in the 57th minute with a classic goal on the break.
Fenlon won the ball and played in Morley, who applied a cool finish to net the Dubliners' third.
Within a minute Rangers had launched a fight-back when Albertz converted a penalty for the first goal after Tony McCarthy handled in the area from a corner.
Rangers pulled back a second two minutes later when Petric's shot was saved by Gough and Amato fired on the rebound.
A minute later it was 3-3 when van Bronckhorst raced through to slot home the ball, past Gough.
Nine minutes from time Amato put Rangers in front when he headed home Johannson's cross from inside the six-yard box.
Ranger's joy was complete when Albertz slotted home his second penalty of the night, seven minutes from time when McCarthy handled the ball a second time in the penalty area.
Shelbourne: Gough, Geoghegan, McCarthy, Scully, D Baker, Rutherford, Smith, Fenlon, Fitzgerald, Morley (Sheridan 78), Kelly. Subs Not Used: Campbell, Neville, Flood, Gifford, R Baker, O'Brien. Booked: McCarthy. Goals: Porrini 7 og, Rutherford 42, Morley 58.
Rangers: Niemi, Porrini, Amoruso, Petric, Van Bronckhorst, Gattuso (Amato 46), B Ferguson, Thern (I Ferguson 63), Albertz, Graham (Johansson 46), Durie. Subs Not Used: Wilson, Charbonnier, Moore, Vidmar. Booked: I Ferguson. Goals: Albertz 59 pen, Amato 72, Van Bronckhorst 74, Amato 82, Albertz 85 pen.
Referee: V Anghelinei (Rom)
