Miguel Angel Guerrero put the hosts in front after just five minutes, and though Miku levelled for Rayo in the 39th minute, Sporting led at the interval as Alen Halilovic scored in first-half stoppage-time.
However, Jozabed scored just before the hour and Rayo came close to taking all three points as Adrien Embarba and Roberto Trashorras struck a post and the crossbar late on.
Sporting scored with the first chance of the match as Guerrero's right-footed shot found the corner of the net from close range.
That early goal broke open a match which might otherwise have been a tense affair given the stakes, and there were chances at both ends, with Pablo Hernandez testing Sporting goalkeeper Ivan Cuellar while the hosts wasted a number of decent openings.
Rayo drew level six minutes before the break as Miku turned home Hernandez's cross from close range, but they nevertheless trailed at the break as Jony's throughball found Halilovic who finished as time ticked down.
Rayo goalkeeper Juan Carlos denied Guerrero early in the second half and that allowed Jozabed to level the scores when he finished from Tito's cross in the 58th minute.
The chances continued to come for both sides, most notably for Rayo when Embarba's effort from the left-hand side of the box struck the far post in the 80th minute and Trashorras saw his header smack against the crossbar in stoppage-time, but both sides took away a point.
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