Former R's boss Ian Holloway was heading for a victory over his old club in his first game as Blackpool manager before Ramage netted a fortuitous goal with four minutes remaining.
Blackpool went ahead seven minutes before half-time when Charlie Adam's ball into the box was laid off by Gary Taylor-Fletcher to Ben Burgess who fired into the bottom corner.
The points looked safe for Holloway's side after substitute Rowan Vine missed a great chance for QPR, but Ramage found the net from the right flank with what seemed to be an attempted cross.
Magilton admitted: "It's a mixture of feeling relieved and also disappointed that we didn't win the game.
"We created chances in the first half and then shot ourselves in the foot with the goal we conceded.
"It was tough, because when you come up against Ian Holloway's team you expect them to keep going and be dogged and determined.
"In the end, it was a good point for us. It was important that we got something from the game and I think we deserved to.
"We played some good football at times. There is pressure on us but that comes from within the dressing room and tandards the players want to set for themselves."
Magilton's starting line-up included on-loan Tottenham forward Adel Taarabt, who missed two first-half chances and almost netted a late winner.
The Rangers boss gave a mixed review of Taarabt's display, saying: "He was indifferent at times. The boy has to learn when to release the ball.
"But he is certainly a match-winner. I'm sure he will improve as a player and you can already see signs of him doing that."
Holloway, back at the club that fired him in 2006, admitted Rangers deserved at least a point from the game.
He said: "My boys are disappointed we didn't win but I have to say I'd have felt like a complete robber if we had won. A draw was a fair result.
"We did okay. We did some good things are there are also some things we need to work on. I'm just looking forward to getting on with it.
"Football's all about swings, ebbs and flows - and I expect after that QPR will be more pleased with the outcome than we are.
"Our goal settled us down and we did some good things, but in the end Rangers kept going and got the goal - which was definitely meant to be a cross.
"I wasn't surprised we scored, although I was a bit surprised QPR didn't defend the situation better.
"My team just need to change their mindset. We're not a small club in this division and we are not punching above our weight."