He lived in Monterey, California in a house that is not far from WeatherTech Raceway Laguna Seca. The nearby circuit named a corner in his honor, Rainey Curve, which is a medium-speed, acute left-hander that follows the famous Corkscrew. Rainey was inducted into the AMA Motorcycle Hall of Fame in 1999. The FIM named him a Grand Prix "Legend" in 2000. He was inducted into the International Motorsports Hall of Fame in 2007. In 2003, he was one of the subjects of the motorcycle racing documentary film, "Faster".