Coherent conversion between a Raman pump field and its Stokes field is observed in a Raman process with a strong atomic spin wave initially prepared by another Raman process operated in the stimulated emission regime. The oscillatory behavior resembles the Rabi oscillation in atomic population in a two-level atomic system driven by a strong light field. The Rabi-like oscillation frequency is found to be related to the strength of the prebuilt atomic spin wave. High conversion efficiency of 40% from the Raman pump field to the Stokes field is recorded and it is independent of the input Raman pump field. This process can act as a photon frequency multiplexer and may find wide applications in quantum information science.