The 29-year-old scored in a world class fashion, after he ran into an empty space and beat Marcello to the ball before putting it past the onrushing Keylor Navas.
Isco scored the match opener in the 8th minute, but Tana drew level for Las Palmas.
Back from the half time break Jonathan Viera put the Canaries into the lead and Kevin-Prince made it 3-1
before Ronaldo scored twice to rescue a point for the hosts in the late minutes: He scored the first from the spot kick and completed the comeback with a powerful header.
Real Madrid have lost the top spot of the La Liga, after Barcelona won 6-1, but the European champions have a game in hand against Celta Vigo, which is an advantage to reclaim the top spot.