Modano scored two goals to pass Joe Mullen and become the highest scoring American-born player with 503 career goals.
Nashville snapped a five-game losing streak to the Stars, who ended a four-game winning streak.
After a scoreless first period, Nashville's Jordin Tootoo opened the scoring at 9:15 of the second period.
Tootoo picked up a loose puck in the lower left faceoff circle and fired a sharp-angle wrist shot over the stick shoulder of Dallas goaltender Marty Turco.
Modano's record-tying goal came 99 seconds later.
With the Stars on the power play, Modano skated down the left side and took a pass from defenceman Darryl Sydor at the blue-line. Modano pulled up at the left faceoff dot and fired a wrist shot between the legs of Nashville goalie Tomas Vokoun.
Modano's record-tying goal came in his 1,227th career game. Mullen posted his 502 goals in 1,062 games. Modano, who has played his entire career with the Minnesota/Dallas franchise, has scored at least one goal in four-consecutive games.
Timonen's first goal came on a power play.
Peter Forsberg had the puck on the left wall and found Timonen creeping down off of the right point with a cross-ice pass. Timonen sent a one-timer past Turco for his eleventh goal and 51st point of the season, a new career high for the Predators captain, who will turn 32 years old on Sunday.
Timonen put the Predators ahead 3-1 with just 7.3 seconds remaining in the second period with a one-timer from just inside the blue line.
The Predators scored their three-second period goals on just 10 shots against Turco, who made 21 saves.
Dallas was unable to find the back of the Nashville net on a 96-second two-man advantage in the third period. Vokoun denied Jere Lehtinen and Antti Miettinen on close scoring opportunities on the power plays.
Vokoun made 34 saves for his 23rd victory of the season.
Modano drew the Stars within one with a power-play goal at 17:08, but the Stars could not tie the game.