The 32-year-old can record a historic eighth-title win if he wins his next two matches at the All England Club, but knows that he will face a tough task to beat the big-serving Canadian.
Federer told reporters: "Clearly on the grass with a serve like that it's never going to be an easy match.
"That's where you sort of go back to your own game and say: 'I'll take care of my own serves and see what I can do on the return.' That's my mindset right now."
Federer faces Raonic in their semi-final clash on Centre Court later today.