Albion were the better side early on but Rovers were stronger as the game wore on and might even have claimed their first ever win at Forthbank, had Paul McManus not missed a good late chance.
David O'Brien gave Stirling the lead after ten minutes when Chris Aitken's corner caused panic in the area and O'Brien was on hand to force the ball over the line from close range.
But Raith levelled after 24 minutes when Iain Davidson crossed from the left and Mark Crilly thumped a shot high past Myles Hogarth.
Stirling were back in front before the break courtesy of Paddy Connolly's first goal of 2006.
The veteran striker steered the ball home from close range in the 37th minute after Stewart Devine had delivered a dangerous free-kick into the box.
Albion failed to make the most of some good situations in the early part of the second half and they were punished 20 minutes from time when McManus, ignoring claims for offside, ran clear to drill a low shot beyond Hogarth.
Crilly then came close with a superb effort from 40 yards and McManus could only hook the ball straight at Hogarth from close range but, overall, a draw was about right.