Yes, raise it at the next performance review. There are two basic types of companies: those who generously reward tenure by promoting and/or giving raises and substantial bonuses, and those who just don't care and treat employees as expendable assets, with only minor raises/bonuses.
It sounds like your company might be the second type. If that is the case, then there are two paths: you either sit quietly and take what you are given, or you advocate for yourself and ask for the compensation and title that you feel is fair for the work that you perform.
I do not know your specific circumstances, so the decision which way to go is yours to make. Personally I highly recommend advocating for yourself if you find yourself undervalued. See, sometimes management does not go out of their way to promote staff not because the management is 'bad', but simply because they prefer the status quo for the majority, and only promote the necessary minority in order to keep operations smooth.
Some of the folks that do not get recognized probably should not be recognized. But there is a segment of those who actually belong on the promotion track, but because they do not speak up, their work remains without extra financial reward.
If you believe you are one of those whose performance warrants more substantial recognition through raise or promotion, then you owe it to yourself to speak up. It is also not necessary to wait until the next performance review -- that might take many months, and a decision to promote may take many more months after that to be put in place.
I suggest a more direct approach where you do not wait, but setup a meeting and raise the issue when YOU feel the time is right. Maybe you finish a substantial project, maybe you successfully implement something or get positive feedback after meeting an important deadline or passing a milestone.
You don't have to insist on getting promoted NOW, but you can raise the issue and make the management aware that you believe your performance warrants a promotion. Focus the conversation on your performance and be ready to support your arguments with specific evidence of substantial contributions above current pay/title. Remember, nobody cares more about your career than you, and you owe it to yourself to take action when your performance justifies a greater reward than you are getting.
When you setup the meeting, do not provide too much detail ahead of time. Put it in general terms: you want to discuss some topics related to your job and career advancement. If the manager pushes for more detail, say that this is what the meeting is for. If your manager is smart, he will correctly interpret the situation and will come prepared to make you an offer, assuming that he is generally interested in keeping you around. If he/she is not, then he/she will come up with a reason to give only minimal bonus (and no promotion) - basically, no change.
To prepare for this possibility, it helps to have a backup plan (the next best alternative to staying with this company). Do some research about the job market and where you might have a good chance of landing a similar or better job. Update your resume. Be ready to start applying to specific companies for specific vacancies in the event of unsatisfactory outcome of the meeting. This will give you confidence. So when you go into the meeting, you will be able to display this confidence and communicate more clearly and more firmly. Basically, this is your chance to 'go all in' and make your best case -- it may be your only chance, so you want to make it count. Good luck!
