One thing not often mentioned (at least I've not seen it) is that in races you need to know relative positions to the cars directly in front of and behind you, as well as the car in front, as these are the cars/drivers you're actually up against. I've found the lack of this feature is especially noticeable when racing online. You know you're not going to catch the 'Ring God at the head of the pack, biggie you're faring against the guy just ahead is of supreme interest.
This, I think, is what you're talking about?