In a small saucepan, combine the raisins and water. Bring to a boil. Reduce heat; simmer, uncovered, for 3 minutes. Set aside to cool. In a large bowl, cream butter and sugar. Add eggs, one at a time, beating well after each addition. Beat in vanilla. Combine the flour, baking soda, baking powder, salt and cinnamon; gradually add to creamed mixture. Stir in pecans and raisins with liquid.
Drop by rounded tablespoonfuls 2 in. apart onto greased baking sheets. Bake at 350° for 12-15 minutes or until lightly browned. Remove to wire racks to cool.