The Australian Open champion defeated his Canadian opponent 7-6(5) 6-2 in their quarter-final tie on Friday.
Wawrinka did not face a single break point in the contest and broke Raonic twice in the second set.
The Swiss was struggling in the first set, which went all the way to a tie-breaker.
Raonic was 3-0 up and then 5-3 ahead in the tie-breaker, but eventually failed to take advantage of the situation as he went down 7-5.
In the second set, the 23-year-old did not provide much of a challenge to Wawrinka, who won it with ease.
"I know I am supposed to be among the favourites, but every time I play a match I am in the state of mind of a challenger who is trying to win an additional match," The AP quotes the 29-year-old as saying.
"I was really focused on my serve to be really aggressive from the first shot, to make him move, to make him work every ball.
"I just feel strong from the baseline. I feel good physically. I know that on clay courts, if I play my best tennis, I can beat those guys."
Wawrinka will take on David Ferrer for a place in the final of the tournament.