A difficult season has seen Norrie win 15 and lose 13 of his 28 matches.
He has dropped to 38th in the world as a result and was displaced as the British men’s number one this week by Jack Draper.
“I’m feeling great about my game but not getting results. It’ll come good,” said Norrie.
“I have a lot to be positive about and won’t dwell on it.”
Raonic reached the Wimbledon final in 2016, where he lost to Britain’s Andy Murray, but the 33-year-old has had his career decimated by injuries in recent years.
This performance was a reminder of the devastating ability he possesses on the grass.
The regularity of his aces – and the speed of them, with the fastest hitting 145mph – was met with increasing awe by the London crowd.
A 144mph ace down the middle brought up a third match point for the Canadian which he took with a cross-court forehand winner.
Norrie had hung tough in the face of Raonic’s arsenal and only faced four break points himself.
Missing a volley for a 3-1 lead in the tie-break looked like it could be costly and, although he recovered to level and earn match points, Raonic played the big points superbly to come through.
“It’s a big part of my game. If I didn’t have my serve my career would be very different,” said Raonic, who is ranked 186th in the world having played just nine matches this season.