Rabe next starred in The Merchant of Venice, opposite Al Pacino as Shylock, in a performance described as a "smashing break-out". The production transferred to Broadway at the Broadhurst Theater, where it ran from October 19 to February 20, 2011. For her performance, Rabe was nominated for the Tony Award for Best Actress in a Play. In March 2011, Rabe was cast in the FOX drama pilot Exit Strategy in a role that would be recurring if the pilot was picked up. In July, it was confirmed that FOX had passed on the pilot. Rabe appeared again at the Williamstown Theatre Festival in a production of A Doll's House by Henrik Ibsen, where she played the role of Nora Helmer.
In August 2011, Rabe was given her first regular role on a television series when she was cast as Nora Montgomery on the FX horror series American Horror Story. She was later cast in the second season as the nun Sister Mary Eunice McKee (a role she reprised in the fourth season). For the second season, Rabe was nominated for a Critics' Choice Television Award for Best Supporting Actress in a Movie/Miniseries. She also was cast in the third season, as a resurgent witch named Misty Day; the role was written for her by co-creator Ryan Murphy. In the fifth season, she was a special guest star in the "Devil's Night" episode playing Aileen Wuornos. In the sixth season she had a main role as Shelby Miller. Rabe is one of only three actors to appear in the first six seasons of the show. In 2019, for the ninth installment of the show titled 1984, Rabe returned as a recurring guest, portraying Lavinia Richter, a distraught mother who haunts Camp Redwood, an idyllic summer retreat with a history of massacre.
Rabe appeared at the Golden Theatre in the Broadway play Seminar by Theresa Rebeck. It was directed by Sam Gold, and the cast included Alan Rickman, Jerry O'Connell, Hamish Linklater, and Hettienne Park. It opened on November 20, 2011, and closed May 6, 2012. In May 2012, it was announced that Rabe would play actress Mary Pickford in The First, a film based on the book Pickford: The Woman Who Made Hollywood by Eileen Whitfield. She finished work in the Public Theater's production of As You Like It, part of the 50th Season of Shakespeare in the Park at the Delacorte Theatre. She played the role of Rosalind in the production that opened on June 11, 2012 and closed on June 30, 2012. In October 2012, it was announced that Rabe would appear in We're Just Married, a film written by her father and directed by Rodrigo Garcia. Rabe will also be a producer of the film. In May 2013, Rabe made her Los Angeles stage debut in a production of Miss Julie by August Strindberg that was adapted and directed by Neil LaBute. In September 2013, Rabe was announced to have been cast as Commander Lyme in The Hunger Games: Mockingjay – Part 1 and The Hunger Games: Mockingjay – Part 2, the final two installments of The Hunger Games film series, based on the novels by Suzanne Collins. She was later replaced in the films by Gwendoline Christie due to a scheduling conflict.