Following up on my post:

This has turned out to be more complicated than I thought. Some events already have ^raw events enabled but the ^raw processing in the script parser was not enabled because I considered it experimental, so ^raw has never actually triggered in a release/beta version.

I have decided not to enable ^raw because it is not possible to make it work in a consistent way. It cannot be enabled for numeric events - the code is just too complex. It could be enabled for some named events that are specifically handled by mIRC but not for unknown named events which have always been triggered in a specific way.

In the next beta, the raw event for invite (as a channel notification) will trigger before text is displayed, allowing you to halt it. This will make it consistent with how raw events work in general.