Kevin Strootman gave the visitors a first-half lead as he converted a Jeremain Lens cross after just 17 minutes.
But Portugal dominated the second half and got the equaliser they deserved with three minutes remaining as Ronaldo scored from a Miguel Veloso corner.
Augsburg right-back Paul Verhaegh was handed his debut for a Holland team captained by Robin van Persie and without Wesley Sneijder who was not even selected in the squad.
Ronaldo started up front for the home side amid continued speculation about his future at Real Madrid, partnering Helder Postiga who recently completed a move to Valencia from Real Zaragoza.
And it was Ronaldo who had the first opportunity as he got a head on to Ruben Amorim's cross but Michel Vorm was able to gather.
The visitors then began to dominate with Rafael van der Vaart providing some testing crosses but it was the wide play of Lens that created the opener in the 17th minute.
The Dynamo Kiev winger got to the right by-line and provided a cross which Strootman fired home from the edge of the area.
Ronaldo quickly responded with a shot which Bruno Martins Indi did well to block away and just moments later he was off target from distance.
Portugal should have been level in the 25th minute as Veloso was fouled by Van der Vaart and from the resulting free-kick the midfielder found Postiga who could only head wide from 12 yards.
Ruben Micael was next to try his luck and he put a shot wide before Bruno was booked for a foul on Ronaldo.
The game was beginning to swing Portugal's way as half-time approached but they could not convert possession into chances with Ronaldo firing a free-kick over the bar a minute before the break.
Paulo Machado replaced Micael at half-time for the hosts with Chelsea recruit Marco van Ginkel replacing Van der Vaart for Holland.
It was a scrappy start to the second half with neither side managing to get real control before Veloso sent a shot wide.
Ricardo Van Rhijn was then brought on in place of debutant Verhaegh while the subdued Van Persie made way for Klaas-Jan Huntelaar.
Machado spurned a chance for Portugal as he lashed a close-range volley over the bar and Postiga saw a shot blocked as the hosts began to get the upper hand.
More substitutions followed and Ronaldo brought an excellent save from Vorm with a long-range effort before Veloso forced the Swansea stopper to tip his effort over the bar.
Portugal continued to have the better of things and they got the equaliser their play merited in the 87th minute as Veloso's corner was played into the path of Ronaldo by Pepe and the former Manchester United man made no mistake from close range.