Bishop, 32, moved to Bloomfield Road on a free transfer this summer after departing Notts County and he was inspirational for the Seasiders when he returned to the city as Paul Ince's men beat Nottingham Forest 1-0 at the weekend.
Rae, who reiterated that Blackpool's spirit was a huge contributing factor to their promotion-chasing position, insists Bishop's attitude is an example everyone at the club should follow.
"He's a great professional," said Rae.
"We brought him in in the summer and we know what we get from Bish, he's quite an unassuming guy, a quiet guy, but he is obviously an all-action type character who gives his all for the team.
"The more people like that at the club the better chance we have."
Rae is currently taking on more responsibility in the absence of Ince during the former England midfielder's five-match stadium ban, yet the Tangerines do not appear to be missing their manager too much.
In the three games Ince has been forced to miss they have accumulated seven points from nine.
Rae added: "It's obviously not an ideal scenario but it's about the preparation that goes on in the week.
"We don't just come together we sit down for hours in the week doing this analysis stuff then obviously the practical side of things we try to give them as much information as possible and try and implement that on Saturday, but with the kind of spirit we have at the club you get rewards for that."