The 51-year-old was in the dugout for the final time for the 3-1 derby triumph over Cowdenbeath on Saturday after it was confirmed he was stepping down to focus on commitments away from the game.
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Manager Grant Murray heaped praise on his departing No.2, insisting Raith would never have ended their 20-year trophy drought by winning the Ramsden's Cup last season if not for Smith's influence.
"What [Paul] has done for me, firstly when I came here as a player, then as my assistant, was massive. Without him, things could have been very different," Murray said. "I can only thank him for everything he has done. I could not have [won the cup] without him. We don't have a replacement lined up."