Using axes objects is a great approach for this. It helps if you want to interact with multiple figures and sub-plots. To add and manipulate the axes objects directly:
import matplotlib.pyplot as plt
fig = plt.figure(figsize=(12,9))
signal_axes = fig.add_subplot(211)
signal_axes.plot(xs,rawsignal)
fft_axes = fig.add_subplot(212)
fft_axes.set_title("FFT")
fft_axes.set_autoscaley_on(False)
fft_axes.set_ylim([0,1000])
fft = scipy.fft(rawsignal)
fft_axes.plot(abs(fft))
plt.show()