Rakočević made his debut with the senior FR Yugoslavian national team at the 2000 Summer Olympic Games. After that, he played at the 2001 EuroBasket, in Turkey (where he won a gold medal), and at the 2005 EuroBasket, in Serbia and Montenegro. He was a member of the FR Yugoslavia team that became the FIBA World Champions in Indianapolis, at the 2002 FIBA World Championship, and he was the captain of the Serbia and Montenegro national team in Japan, at the 2006 FIBA World Championship. He also played at the 2004 Athens Summer Olympic Games.