The 34-year-old, who won two Olympic gold medals, steered Royal Etiquette to second place after being awarded her Category A licence having made her debut in a charity event at Newbury in July.
Royal Etiquette, a 14-1 shot, started slowly but made up ground to move level with the leader Chocolate Diamond.
The pair rounded the home turn well clear and Pendleton took her mount to the front before being beaten by Jordaura at the finish.
"I was pushing with everything I had and lost my balance a bit on the undulations, which was frustrating. I ended up just shouting at him to keep him going," Pendleton told reporters.
"It’s given me confidence and I feel blessed to have been given this chance, I feel like a real jockey. I am absolutely delighted to be placed and Ripon will always hold a special place in my heart.
"It’s been a fantastic experience so far," added Pendleton.
I had an amazing cycling career but riding a horse is so much fun. My family keep having to tell me to shut up, I talk about it so much."
Pendleton received a ringing endorsement from 20-times British champion jump jockey Tony McCoy.
"I thought @v_pendleton did very well in her 1st race in public, great achievement in such a short time," McCoy said on Twitter.
(Reporting by Ed Osmond; Editing by Tony Jimenez)
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