No, after setting the controller to RAID you have to use the MB RAID tool to actually link up the two drives you want in RAID and choose the mode. The exact procedure varies from board to board (or not, I'm not sure) but the MB Manual normally walks you through step by step. If the manual isn't handy, you can download one specific to your board from Asus's website.
Thanks! I figured it out because of that. To access the tool to do the RAID I had to hit a specific key combo to go into the raid config menu.