The 49-year-old appeared to come out via a post on his personal Instagram page, with a picture of him and his partner side by side, captioned: "The most beautiful thing in life is when you have the right partner by your side with whom you can share everything".
The 49-year old received thousands of supportive comments from key figures in the world of motorsport, including pundits Natalie Pinkham and Ruth Buscombe, as well as McLaren CEO Zak Brown, who described the announcement as 'awesome'.
Having won six grands prix driving for Williams, Schumacher, the younger brother of F1 legend Michael, has now set a great example that drivers should not be afraid to be themselves whilst competing in the pinnacle of motorsport.
What did the Schumacher statement say?
Following the revelation, the Schumacher family released a statement to German media via a spokesperson.
As reported by The Mirror, it read: "Ralf and Etienne are overwhelmed by the great response from around the world, nobody could have expected that."
This comes following a show of support from Schumacher's son, David, who also commented on the post, saying: "I am very happy that you have finally found someone with whom you really feel that you feel very comfortable and secure, no matter if [it is] a man or a woman.
"I am 100% behind you dad and wish you all the best and congratulations."
Ralf has remained working in F1 as a commentator for Sky Sports Germany and will certainly be met with admiration when trackside this weekend for the Hungarian Grand Prix.