Rangers were trailing to Marlon King's opening goal when Taarabt equalised with another dazzling solo effort to add to his growing collection.
The Moroccan maestro left two defenders trailing before unleashing an unstoppable curler into the corner of the net for his 13th goal of the season.
There was more to come 11 minutes from time when Taarabt lofted a pass with the precision of a sand wedge into the path of Wayne Routledge, who marked his second Rangers debut with the winner.
Warnock has managed to bring the best out of a talented but temperamental individual where a succession of previous managers at Taarabt's former club Tottenham failed.
"Either goal was fit to win any game, and you won't see a better ball for the second anywhere in the world," said Warnock.
"There's baggage with him and he'll make some mistakes. He was bombed out by the previous two managers here and rightly so, but it couldn't be better for me at this time of my career and I think I'm the right manager for him.
"My son bought his mate just to see Taarabt. He thinks he should be playing for Real Madrid. And he could, but first of all he's got to help me."
Crystal Palace's joint-chairman Steve Parish is hoping to achieve "a lifetime's ambition" by relocating the club back `home' to the National Sports Centre.
Parish wants to sell Selhurst Park and move to a new 40,000-seater ground and scupper Tottenham's bid to switch to the Olympic stadium.
"I've always wanted to take the club to Crystal Palace Park. I think that's a lifetime's ambition for me," he said.
"It's the home of the club and the most obvious place for it to be. I have trouble seeing why anybody else can't see it's the most obvious place for it to be."
The Sheffield United manager Micky Adams is hoping to complete a permanent new signing to his relegation-threatend side on Monday.
This month the Blades have signed defenders Joe Mattock from West Brom and Shane Lowry from Aston Villa, and last week added striker Marcus Bent from Birmingham, all on loan until the end of the season.