Which clothes to use in wet weather for long distances?
Short answer: you won't stay dry.  Your best option is to maintain comfortable body temperature.

Longer answer: What to wear depends how cold it is, how hard it's raining, and whether your bike is equipped with fenders.  In the Pacific Northwe't, we have a lot of light rain and a moderate temperature band.  I keep the fenders on year-round (which makes me stick out a lot when I attend events in eastern Oregon ;-) and assume that I'll get wet one way or another.  How I dress depends on the anticipated temperature band:


Above 70 F (21 °C): dress as I would if it were dry, namely wicky polyester jersey &amp; socks, spandex shorts.  These things air out pretty quickly.  I'm usually working hard enough that staying warm is not a problem. 
50 - 70 F (10 - 21 °C): A Merino (non-itchy) wool jersey works very well in this band.  It holds water, but it'll keep you warm.  If it's especially windy or approaching the lower temperature range, I'll add a layer, wear wool/poly socks, a beanie, and a polyester light fleece set of tights.  The main purpose of these is to stay warm, especially if I stop (e.g., to change a flat).  
Below 50 F (10 °C), it's cool enough that I'll definitely be wearing tights and a rain jacket.  I'll also have the closed-finger gloves.  For my feet, I'll cover the shoes with a neoprene bootie.  


Shoes: The neoprene booties don't ward off water as much as you'd think they would, but they do keep my feet warm.  They go on sale for ~$20 at various places.  I've been very tempted to wear sandals and wool socks.  

Leg wear - the polyester fleece tights tend to go on sale at Costco for ~$20 in the September timeframe.  They're great for this temperature range.

Rain jacket: I have a nice Showers Pass jacket with lots of zippered vents and pockets.  I find that I tend to keep the underarm zippers open to regulate heat except when it's really cold.  When I get warm enough, I'll roll it up and stuff it in the handlebar bag.

Head beanie: is a polyester, light fleece cap that I picked up at REI (though many other places have them).