3D Gaussian Splatting (3DGS), a recently emerged multi-view 3D reconstruction technique, has shown significant advantages in real-time rendering and explicit editing. However, 3DGS encounters challenges in the accurate modeling of both high-frequency view-dependent appearances and global illumination effects, including inter-reflection. This paper introduces SpecTRe-GS, which addresses these challenges and models highly Specular surfaces that reflect nearby objects through Tracing Rays in 3D Gaussian Splatting. SpecTRe-GS separately models reflections from highly specular and rough surfaces to leverage the distinctions between their reflective properties, integrating an efficient ray tracer within the 3DGS framework for querying secondary rays, thus achieving fast and accurate rendering. Also, it incorporates normal prior guidance and joint geometry optimization at various stages of the training process to enhance geometry reconstruction for undistorted reflections. The proposed SpecTRe-GS demonstrates superior performance compared to existing 3DGS-based methods in capturing highly specular inter-reflections, as confirmed by experiments conducted on both synthetic and real-world scenes. We also showcase the editing applications enabled by the scene decomposition capabilities of SpecTRe-GS.