Is it possible to form a parabolic arc with a Ray using a VVF?

I'm currently working on an fps game and I would like to implement a system for bullet drop, something similar to BattleField's system. I haven't been able to find a good system to implement this yet. But I do understand that it's possible to form a vector valued function and I know how to...mathematically, although not in Unity (I've taken linear algebra, multivariable calculus, and multiple physics classes so I understand vectors pretty well and you shouldn't be afraid to get technical with the mathematical concepts if you propose an alternative idea to raycasting; although I'm still in Highschool so I might not have the "full" understanding of them that you may get at the collegiate level).

So what I'm asking is if it's possible and furthermore practical to create a ray which followed the path of a v-vf (that accounted for the change in position from gravity) and could check for any collisions using a RaycastHit Object? Or is there a way that I could create such a v-vf and check for collisions along it's path in an efficient manner through some other process?

I just want to make a decent 'realistic' fps.

Edit: The main reason I thought of using a V-VF was so that I could take the arc length of the trajectory and find the flight time of the projectile, then delay the damage applied until that time had passed