Rhodes, who completed an £8million move across the Pennines to Rovers in the summer having propelled Town into the Championship with 40 goals in League One last season, was on target just before half-time to cancel out Novak's early strike.
Danny Murphy's second-half spot-kick looked to have given Henning Berg his first win in charge of Rovers, but Novak popped up in the fourth minute of injury time to ensure a share of the spoils.
There was only one name on everyone's lips tonight, however, with Rhodes predictably straight into the action flicking on to Reuben Rochina, whose first-time blast from 25 yards forced Huddersfield goalkeeper Alex Smithies to tip over.
Rovers continued to show promise in the early stages with Rochina and Murphy seeing deflected efforts go wide.
However, against the run of play Novak put the hosts ahead in the 15th minute, aided by some sloppy defending after Sean Scannell was cynically robbed on the left wing by Scott Dann, who received a yellow card for his troubles.
Rovers failed to clear their lines from Oliver Norwood's innocuous delivery and Novak was on hand to stab home.
Town looked to have nullified Blackburn's attacking threat with Rhodes increasingly isolated, although Rochina was threatening on occasion and justified his return to the starting line-up two minutes before half-time.
His ball over the top allowed Rhodes to beat the offside trap to fire past Smithies and level the scores, although the Scotland international kept his celebration low-key with just a raise of the arm.
Rovers carried the momentum from that timely strike into the second half, when they took the lead in the 55th minute.
Olsson burst into the box and, although the ball looked to be running away from him, a needless lunge from behind by Joel Lynch left the referee with little option but to point to the spot. Veteran Murphy calmly slotted the ball home from the spot, sending Smithies the wrong way.
Huddersfield continued to press for the leveller, but luck seemed to have deserted them as Scannell put a free header wide.
However, just as it seemed all hope was lost, Adam Clayton's ball into the area fell kindly for Novak and, although the striker slipped, he did manage to put in the equaliser.