The midfielder scored two second-half free-kicks to help sink reigning Champions League holders Real Madrid.
Rice, who had never scored from a set piece before, delivered a pair of sublime strikes to light up the Emirates and give Arsenal a commanding 3-0 lead heading into the second leg in Madrid.
"I don't think people realise what a strike he has and I’ve been telling him since I came to Arsenal to shoot more from outside the box because he has a hell of a strike and he showed it today," said Raya, according to the club's official website.
"He needs to shoot more because he has a hell of a strike. He has a deadly weapon."
It wasn't just Rice who shone on a memorable night for the Gunners. In the first half, Raya made a vital save, diving low to his left to deny Kylian Mbappe and keep the scores level.
Mikel Merino capped off the evening with a composed finish to make it 3-0, sending the home crowd into raptures and putting Mikel Arteta's men in firm control of the tie.
Real Madrid, last season's champions, were left reeling by Arsenal's intensity and clinical edge. The Spanish giants now face a daunting task at the Bernabeu if they are to keep their European crown.
Arsenal manager Mikel Arteta has expressed confidence that forward Kai Havertz could make a surprise return from injury before the end of the season, raising hopes that the German international may be available for their UEFA Champions League push.
Arsenal have reportedly cooled their pursuit of Wolverhampton Wanderers' forward Matheus Cunha due to concerns over his on-pitch behaviour, according to recent reports.
Thibaut Courtois hit out at his Real Madrid teammates for "playing too individually" after they were dumped out of the Champions League by Arsenal.
Under UEFA's revised structure for the 2024/25 Champions League, both the Premier League and LaLiga have secured a fifth qualification spot, owing to their clubs' collective performance in European competitions this season.
