After blowing an early 1-0 lead, the Rapids (9-18-3) found themselves trailing 2-1 heading into the game's late stages.
But they salvaged a point when Smith gathered the ball following some lax defensive play and put an equalizing volley past Whitecaps goalkeeper Brad Knighton.
Omar Cummings scored in the 34th for Colorado.
Alain Rochat and Kenny Miller each tallied within a 4-minute span in the second half for Vancouver (10-12-8), which retained the fifth and final Western Conference post-season berth with 38 points.
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