After seeing William Grigg open the scoring after 19 minutes at Stadium MK on Tuesday, the hosts were staring at defeat as Rochdale fought back.
A Tom Flanagan own goal and Reuben Noble-Lazarus' first goal of the season gave Rochdale the lead going into the last 10 minutes, but Green struck with six minutes to play to see the points shared.
The game's opening goal came from a well-taken strike from Grigg, his seventh of the campaign, the 23-year-old striker collecting a Dele Alli pass before lifting his effort over Conrad Logan.
Rochdale were level within 60 seconds, though, as Flanagan diverted a Noble-Lazarus cross beyond David Martin in the MK Dons goal.
Two goals in eight second-half minutes sparked the game back into life as first Noble-Lazarus, on loan from Barnsley, fired home a stunning 25-yard effort.
The hosts refused to give up, though, and Green grabbed them a point with a close-range finish after Benik Afobe had been denied, moving Karl Robinson's team into fourth, while Rochdale edged closer to the play-off positions.