Yes, racing thoughts are often connected to anxiety.
There are many ways to help anxiety. You can do deep relaxation. You can buy a CD to talk you through the muscle relaxation technique. The body and brain are connected so in spending time on relaxation this will help the panicky thoughts.
You can also work on your breathing, so often we are hyperventilating without even realizing it. Place your hand on your stomach and breathe steadily in 1-2, out 1-2, for at least ten minutes. You will be amazed how quickly this can calm things down.
Another way, specifically for racing thoughts, is to imagine the thoughts are on a conveyer belt, and just let those thoughts drop off the conveyer belt. This way, means you can deal with each thought one at a time.
There are other mindfulness techniques that you can learn to help with this. Please check it out with your own therapist.
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