The home side fell behind against the run of play but fought back to create the bulk of the chances against an Alloa team who held on stubbornly.
The opening goal arrived after 24 minutes, courtesy of a dreadful kick-out by the Raith goalkeeper, Lee Robinson. His sclaffed effort fell to Liam Lindsay and he quickly switched the ball to Eddie Fearns, who fired a fierce shot into the net from 20 yards.
Robinson was quickly back in action, diving to keep out Kevin Cawley's netbound shot. At the other end a Ross Callachan effort from the edge of the box rose just too high.
Gordon Smith, seeking to add to his weekend double, was next to threaten but his header was too close to Scott Bain in the Alloa goal. Another Smith header that slipped inches wide before Alloa responded with a Cawley effort went even closer.
Raith came out with all guns blazing on the restart and Smith and Grant Anderson both went close before Dougie Hill's downward header from Joe Cardle's corner kick gave them a deserved 54th-minute equaliser. Cardle was becoming an increasingly influential figure for Raith but was perhaps lucky to stay on the field following a confrontation with Jonathan Tiffoney, both players escaping with yellow cards.
Substitute Calum Elliot looked certain to put Rovers in front but his effort struck John Baird on the goal-line. Bain denied Callachan with a diving save as the pressure on Alloa's goal intensified.
The Kirkcaldy side continued to dominate but were almost caught on the break when a Graeme Holmes header forced an important save from Robinson. Hill had a chance to score a winner for the hosts but his shot lacked power.