You just need to keep the registration point of the sprite in center of the rectangle to rotate it about it's center. When you draw a sprite from (0,0) the registration point is top-left and not center. Here's how you make it center:
var rectangleSprite:Sprite = new Sprite();
rectangleSprite.graphics.lineStyle(3,0x00ff00);
rectangleSprite.graphics.beginFill(0x0000FF);
//please note that i am not drawing the sprite from (0,0),
//instead i start from (-width/2,-height/2)
rectangleSprite.graphics.drawRect(-150,-75,300,150);
rectangleSprite.graphics.endFill();
And for degree to radian conversion you just need multiply your value in radians by (180/Math.PI) before applying your rotation.
var rotationInDegrees = rotationInRadians*(180/Math.PI);