Nole dominated from start to finish in a flawless 6-2, 6-0 victory over Raonic, equalling Nadal's record of winning 27 Masters titles.
Novak completed dream season capturing a career-high 11th title of the year and fifth ATP World Tour Finals trophy (b.Federer 6-3, 6-4)
The world no.1 claimed a record fourth BNP Paribas Masters title on Sunday with a 6-2, 6-4 victory over no.2 seed Andy Murray.
Novak beat Jo-Wilfried Tsonga 6-2, 6-4 to win his ninth title in 2015 (three Major trophies, five Masters 1000 shields and one ATP 500 crown).
Novak captured his eighth ATP World Tour title of the season and 56th of his career over no.3 seed Rafael Nadal 6-2, 6-2, in the final of the China Open on Sunday.
With a 7-5, 4-6, 6-3 win over Tomas Berdych, Novak became the first player ever to win the opening three ATP World Tour Masters 1000 events of the season.