The Ibrox club had arrived at Ochilview seeking a 21st successive victory.
But the match was called off when the extreme weather conditions battered Scotland for most of the day.
Heavy downpours also caused flooding outside the ground and the decision to cancel the match was made just two hours before the scheduled 5.30pm kick-off.
McCoist said: "It was 100 per-cent the right decision.
"It would be farcical to try and play the game in those conditions because safety is of paramount importance in these situations.
"It's not just fans in the stadium, it's also fans travelling to the game as well that you have to consider, so for all these reasons the correct decision has been made."