Developer Dario Samo recently announced RT64, a plugin for N64 emulators which enables a host of ray-tracing features. In a video on Twitter, Dario showed off RT64 in action across a range of N64 classics, including Ocarina of Time and Paper Mario.
https://www.notebookcheck.net/Developer-shows-off-RT64-a-ray-tracing-plugin-for-N64-emulators-that-adds-in-RT-shadows-reflections-and-lighting-to-classics-like-Ocarina-of-Time.625206.0.html