Raman-Ramsey interference has proved as a very effective technique to implement compact and high performing vapor cell frequency standards. In this paper, we theoretically characterize Raman-Ramsey resonances in an optically thick atomic vapor. Specifically, some parameters of interest for frequency standards applications, like contrast and linewidth of the central Raman-Ramsey fringe, are evaluated at different temperatures for 133 Cs and 87 Rb vapor cells with buffer gas. Density narrowing and broadening effects are described and explained in terms of a three-level theory where laser fields propagation through the atomic medium is taken into account. Also, we investigate light-shift both in low and high atomic density regimes. Light-shift, which potentially degrades the medium-long term stability of Raman-Ramsey clocks, is composed of two contributions. The first is a pulling effect exerted by the wide Rabi profile enclosing the interference pattern on the central Raman-Ramsey fringe. The second light-shift term is strictly related to the detection time.Calculations derived from our model well describe already existing experimental results and new behaviors are predicted.