Raynal took the ball off Bernard Foley in the last minute for time-wasting as the Wallabies fly half made to kick a penalty clear out of defence, with the home team holding a three-point lead at Melbourne's Marvel Stadium.
Raynal had stopped the clock as Foley took his time to kick but then lost patience and stripped him of the ball, enraging the Wallabies players and triggering boos from the home fans.
With the All Blacks given possession metres out from the goal-line, fullback Jordie Barrett scored a try after the siren to win the Rugby Championship test 39-37 and seal the Bledisloe Cup, the annual trophy contested by the trans-Tasman nations, for a 20th year in succession.
"I think you've got to have a feel for the game and the situation," Rennie told reporters.
"And so if you feel a team's wasting time, stop the clock. And then they kick it out and then you play the game.
"Let the teams decide the outcome. So it was just a real lack of feel for the occasion."
All Blacks coach Ian Foster, whose team posted back-to-back wins for the first time in a difficult season, had no problem with Raynal's decision, saying it was "clear-cut."
"I mean ... they were delaying the kick," added Foster.
"He warned them, then he said 'Time off'. He said to speed it up, then he said 'Time on.'
"Then he asked them twice to kick it.
"I understand there was a bit of a contentious nature about it, but it was very clear cut from our position."
Neither Rennie nor long-serving Wallabies prop James Slipper, standing in for captain Michael Hooper, said they had seen a similar decision ever before.
Raynal gave four yellow cards, including three to the Wallabies, in the see-sawing clash.
The home side were down to 13 men for a period on either side of half-time after winger Tom Wright and lock Darcy Swain were yellow-carded in the same play.
Swain was sent off for a dangerous clean-out after cannoning into Quinn Tupaea's legs, leaving the midfielder sore.
Rennie was unhappy with Swain's yellow, though.
"I'm not convinced by Darcy Swain's, it was certainly nothing intentional," he said.
"Ironically, he got neck-rolled prior to him cleaning out but that wasn't picked up."
