Ramos was given his marching orders and a second yellow card just after the hour mark in a match that saw Mista's early strike cancelled out by Real's captain, Raul.
Atletico are revived this season under new Mexican coach, Javier Aguirre, and took the match to their more illustrious rivals despite being without a derby win for seven seasons.
Mista, procured from Valencia in the summer, took just seven minutes to open his account for his new club stabbing home a chested lay-off from Fernando Torres.
Real drew level on 33 minutes when Raul, left out of the Spain squad announced earlier in the week, turned in a cross from Jose Maria Guti.
But Atletico continued to come forward with Maxi Rodriguez in particular missing several chances and Maniche also going close.
After Ramos was given the green light for an early shower, Atletico had their best opportunity for a derby victory in seven seasons but a combination of goalkeeper Iker Casillas and an absolute shocker of a miss at the death from young Argentinian Sergi Aguero meant honours were even.
Real now lie two points behind bitter rivals Barcelona in the Primera Liga, with Uefa Cup holders Sevilla just one point behind the league leaders after they beat Getafe 1-0 with a goal from Luis Fabiano after 30 minutes.
Raul has finally remembered
where the back of the net is
Barcelona, Spanish champions for the last two years, continue to set the pace in La Liga after a 3-1 win at struggling Athletic Bilbao, who drop to second from bottom, on Saturday.
The Catalan club hardly missed their injured striker Samuel Eto'o, who injured his knee against Werder Bremen on Wednesday, with goals from Eidar Gudjohnson and Javier Saviola.
Athletic defender Ustaritz Aldekoatalora also put one in his own net to add to Athletic's misery after Francisco Yeste had put the Basque hosts ahead after 11 minutes.
At the other end of the table, Racing Santander are still without a win after drawing 1-1 with Celta Vigo.
Giant Serbian striker Nicola Zigic put Racing ahead with a header from a corner after 22 minutes but Celta equalised 10 minutes after the break when their Brazilian midfielder Iriney hammered home a stunning shot form 20 yards.
Diego Forlan got two goals as Villarreal ran out 2-1 winners over Real Mallorca.
Real Sociedad now prop up the rest after conceding two goals in the last 12 minutes at Deportivo La Coruna, who won 2-0.