كتب : Hatem Maher
Real Madrid coach Fabio Capello fielded five reserves in his starting line-up because the Spanish giants had already qualified.
Maksim Shatskikh put Dynamo ahead in the 13th minute with a close-range shot after being set-up by Valentin Belkevich's cross from the right-flank.
He then extended the lead in the 27th minute after he ghosted behind Real's defense to receive Artem Milevskiy's through pass and sent a shot that rebounded off keeper Diego Lopez and hit his body into the net.
Ronaldo, who scored against Athletic Bilbao in the Primera Liga on Sunday, pulled one back four minutes from time after he controlled David Beckham's corner before firing into the back of the net.
The Brazilian international leveled the score two minutes later when he converted a penalty kick home after he was brought down by Dynamo defender Rodrigo Costa.
Real Madrid finished second in Group E with 11 points, three adrift of French champions Lyon, who were held to a 1-1 draw by Steaua Bucharest at the Gerland.
Dica grabbed the lead for Steaua early in the second minute but Alou Diarra equalized for the hosts 10 minutes later.
Steaua claimed the UEFA Cup spot as they finished third with five points, three ahead of Dynamo.