Rice arrived in Pakistan on a day-long visit to exchange views on various matters and prepare agenda for Sharif's visit to the US in October.
A statement by Sharif's office said the meeting "focused on matters of bilateral interest and the future of Pakistan-US relations."
"The situation in the region also came under discussion," it said without giving detail.
Her visit coincides with an escalation in tension between Pakistan and India along the Line of Control (LoC). There have been 55 ceasefire violations by Pakistan in August, and more than 245 during the year so far.
The White House has, however, asserted that Rice's visit was planned in advance and this was not "emergency visit" due the increasing tension.
During the meeting today, Sharif said the US is an important partner of Pakistan in all areas especially economy, defence and counter-terrorism.
He said Pakistan sees its ties with the US as a partnership which is in the interest of the two countries, the region and the world.
Sharif said he was looking forward to his US visit in October as an opportunity to strengthen the bilateral ties.
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