Hmmmm. I think it depends a bit on the company. Generally I would say yes, it is a take it or leave it situation. You can negotiate if you are actually willing to leave and have good enough reason to believe you will get a good salary elsewhere.

About 5 years ago, I'd been working for a company that was underpaying by about 10 grand for someone with my quals. I said this to my boss in a "just so you know you are underpaying me and I'd like you to think about rectifying this or I'll have to look elsewhere". At the same time I was offered a different job with a $15k pay rise (much more in line with my profession). I said can you match that or I will have to leave. They offered me a 5 grand pay rise, so I took the new job.

If you did want to negotiate, I'd go very gently with something like "In line with my performance and excellent record, I was hoping that my salary increase would be higher."