The double Olympic cycling champion was fourth on Supreme Danehill, trained by Alan Hill, at the Black Forest Lodge point-to-point meeting in Devon.
She then got as far as the second-last fence on According To Sarah in another race before pulling her mount up.
Pendleton, 35, is aiming to ride in the Foxhunter Chase at Cheltenham in March.
Hill and his wife Lawney have worked closely with Pendleton since her switch to becoming an amateur jockey in March 2014, after her retirement from cycling in 2012.
It was her third appearance at a point-to-point meeting, following a series of rides in flat races, and she is likely to be riding again next weekend.
Victoria Pendleton took another step towards her dream of riding at the Cheltenham Festival as she completed a race over jumps for the first time.