The home side looked to have the game sewn up after taking a 3 - 1 lead in extra time, but Rushden fought back to take them to penalties.
This game had everything, and it was a great advert for the Blue Square Premiership.
It was an open game from start to finish, and the visitors had the first effort at goal in the 11th minute.
Andy Burgess had a shot, but saw his effort drift just wide.
Shortly after, the Shots had a corner which was only half cleared. It fell to Lewis Chalmers whose 25 yard thunderbolt was superbly pushed over by Roberts.
Rushden then had a good opportunity to take the lead, but from a Burgess cross Challinor managed to head over, when unmarked 8 yards out.
In the 23rd minute Donnelly saw his curling effort, from distance, go a foot wide of the upright.
Four minutes later, Rob Gier replaced Winfield, who had taken an earlier knock. He slotted in at right back with Smith moving to centre half.
The Shots were beginning to turn the screw now, and were playing some fine flowing football in the process.
However they couldn't make anything of a number of corners they had won.
Kirk Hudson then turned and volleyed in one movement, but it was directed straight at the keeper.
Just before the break Rob Gier did very well to clear a dangerous Challinor cross.
Half Time: Shots 0 - Rushden 0
The Shots came out firing on all cylinders, and after a slick move, Joel Grant's goal bound effort was well blocked.
In the 54th minute, after another flowing move, a good cross from Hudson was met at the far post by Donnelly. The young midfielder's first time volley was excellently saved at the base of his post by Roberts, using his legs.
Harding then replaced Chalmers for the Shots, who then came close to breaking the deadlock.
Joel Grant left two defenders in his wake before sliding the ball through for Junior Mendes, who saw his well struck effort drift agonisingly wide of the far post.
Rushden immediately countered and Rankine fired an effort just wide.
The Shots took the lead in the 71st minute.
A defence splitting pass from the impressive Donnelly found Hudson in the right channel.
The winger got to the bye-line and his precise cross was turned in by Mendes, from inside the 6 yard box.
The lead lasted for only two minutes as some shambolic defending gave Burgess the chance to plant the ball past Ruiz, from 10 yards out.
Mendes flashed a 20 yarder just wide, but then the visitors missed a gilt edged chance to win the game.
A cross came over into the Shots box, and Rankine unbelievably missed the target with his header, from 6 yards, with the Shots defence claiming off-side in vain.
The last effort in normal time came from Donnelly, but his 30 yard free kick was well saved low down by the keeper.
Danny Hylton replaced John Grant before extra time commenced.
Rankine again had the first chance of the period.
The Shots defence was caught flat-footed and the afore-mentioned forward drilled his effort just wide of the far post.
The Shots regained the lead in the 95th minute with a superb solo goal.
Kirk Hudson turned his defender with ease before unleashing an unstoppable shot into the bottom corner.
Five minutes later the visitors were awarded their first penalty of the night when the Ref adjudged a visiting player was brought down in the area.
Burgess stepped up, but Ruiz dived full length to save.
The Shots looked to have wrapped the game up on 107 minutes.
A fierce strike from Hylton was well pushed away - then from the rebound Hudson's follow up was again pushed out, but the onrushing Donnelly headed into an empty net.
Donnelly turned from hero to zero within two minutes however as he was harshly adjudged to have brought down El-Kholti in the box.
This time Burgess made no mistake in sending Ruiz the wrong way.
With five minutes remaining, Chris Hope headed a free kick narrowly wide.
It looked like the Shots were going to hold on, but just inside the two minutes of stoppage time the visitors equalised.
Ruiz made a bad mistake when spilling the ball, and Rankine, on his knees, headed the ball over the line from less than a yard out.
Gooding missed the first penalty for the visitors and after Donnelly, Harding, Newman and Hudson had scored their respective penalties for the Shots, when Tomlin's effort was beaten out by Ruiz the Shield was Aldershot's.
TS Ratings:
Ruiz 6.5, Smith 6, Straker 6, Newman 6.5, Winfield 6 (Gier 6.5), Chalmers 7(Harding 7), Hudson 7.5, Donnelly 7.5, John Grant 6 (Hylton 6.5), Mendes 7, Joel Grant 7.5.
With thanks to Tongham Shots.