The Portugal international continues to be linked with a move away from the Red Devils, but he was named in the starting side for Sunday's pre-season friendly, playing the first half of football as he builds his fitness for the 2022-23 campaign.
Lisandro Martinez also made his debut for Man United as a starter, while there was a second appearance in quick succession for Christian Eriksen, who featured off the bench in Saturday's 1-0 defeat to Atletico Madrid in Oslo.
Inside the first 10 seconds, Tom Heaton had to make a smart save to keep out a strike from Isi Palazon, with Rayo making a bright start to the contest in Manchester.
Ronaldo had Man United's first chance of the match in the 12th minute after being found by Donny van de Beek, but the Portugal international fired over the crossbar from close range.
Tahith Chong then found himself free inside the Rayo box after smart work from Alejandro Garnacho, but Stole Dimitrievski was able to make a comfortable save from the attacker's effort.
Ex-Man United striker Radamel Falcao then came close down the other end when he met a cross from the right, but Martinez was able to make an important block for the hosts.
Eriksen was next to come close for Man United after the ball broke for the attacker just outside the Rayo box, but the Denmark international's effort dropped just wide.
Garnacho was the home side's brightest attacker in the first period and set up another chance for Chong in the 44th minute, but the latter fired over the crossbar.
Ronaldo was replaced by Amad Diallo at the interval, and the substitute made the breakthrough in the 48th minute, turning home from close range after Alex Telles's strike had been fumbled by Diego Lopez.
Rayo came close to levelling in the 52nd minute when Falcao struck one from distance, but the experienced striker's effort came off the crossbar.
The visitors were busy and inventive and continued to cause Man United issues, but Martinez was calm and composed on his debut, with the Argentine impressing alongside Raphael Varane, who sported the captain's armband for Erik ten Hag's side.
Rayo managed to level the scores just before the hour, though, when Palazon's effort was palmed into the path of Alvaro Garcia by Heaton, and the attacker could not miss from close range.
Ethan Laird then did brilliantly to block a goal-bound attempt by Garcia, with the visitors causing problems when they attacked with pace.
Substitute Zidane Iqbal fired just wide of the post 10 minutes from time, as Man United looked to give their supporters a second goal to cheer at Old Trafford.
Isak Hansen-Aaroen was introduced for his Red Devils debut late on and had a shot blocked during an impressive cameo, before Telles fired over the crossbar moments later, but the spoils were shared at the end of an entertaining match in Manchester.
Man United will now have a full week of training before beginning their 2022-23 Premier League campaign at home to Brighton & Hove Albion on August 7, while Rayo will play their La Liga opener at Barcelona on August 13.