A ton of forum threads on this already. There's no right answer to this ... it really depends on the context and situation:
The answer could be yes IF
- You have time to spare to re-match at the same time control.
- You don't have something specific to do (look up the game online, research an opening etc.) that cannot wait.
- You played a challenging game that you really enjoyed.
- He made an early + terrible blunder/mouse-slip that was uncharacteristic given the quality of his other moves.
- He was gracious with his loss and didn't call you lucky or anoint you with any choice swear words.
- He behaved well throughout the game and didn't make multiple-draw offers when he was staring down the barrel of a forced mate.
- You agreed to a rematch beforehand
- You responded to HIS seek, i.e. you challenged him.
Is it considered bad etiquette if you refuse a rematch after beating a much higher rated player?