The dynamics of coherent Rabi oscillations in coupled atomic and molecular Bose-Einstein condensates is considered taking into account the atom-atom, atom-molecule, and molecule-molecule elastic interactions. The exact solution for the molecule formation probability is derived in terms of the elliptic functions. The two-dimensional space of the involved parameters intensity and detuning is analyzed and divided into two regions where the Rabi oscillations show different characteristics. A resonance curve is found, on which the molecular formation probability monotonically increases as a function of time. The maximum value of the final transition probability on this curve is $1∕2$ (i.e., total transition to the molecular state) and it is achieved at high field intensities starting from a minimal threshold defined by the interspecies interaction scattering lights. The explicit form of the resonance curve is determined, and it is shown that the resonance frequency position reveals a nonlinear dependence on the Rabi frequency of the applied field. A singular point is found on the resonance curve, where a power-law time evolution of the system is observed.