Real thrashed European champions Bayern Munich 4-0 at the Allianz Arena to complete a 5-0 aggregate success and book their place in next month's Lisbon final.
Sergio Ramos headed home twice in quick succession in the opening 20 minutes before Bale put the third on a plate for Ronaldo after a lightening counter-attack.
The Portugal international added a late fourth with a free-kick, with his brace setting a new Champions League record of 16 goals in the competition in a single season.
Bale told Sky Sports News: "That's why he's the world's best player. It's an honour to play with him and to learn from him.
"We've still got one match to go and hopefully he can score a few more goals."
Real will now face either City rivals Atletico or Chelsea and former boss Jose Mourinho in the final, but Bale knows they face a challenge whoever they come up against.
He added: "They're both great teams, I don't think we can pick and choose. Whoever it may be, I'm sure it will be a great final.
"All we'll be doing is concentrating on our game and our game-plan and hopefully executing it on the day."
Bale is enjoying a stellar first season in Madrid after his record-breaking summer move from Tottenham, with the Copa del Rey secured by his late goal and Carlo Ancelotti's men also battling for the title.
He added: "It's an amazing feeling. At the start of the season it's hard to imagine. We set out to try and win every competition we're in and we're in a great position now.
"We always have belief in ourselves. To get an early goal was very important for us to give us confidence. They were going to come at us then and we could exploit the counter-attack.
"It was a perfect game-plan for us and thankfully we got the win. I think we played a good game in both legs and we're happy to be in the final now.
"We're just focused on each and every game as it comes. We don't get carried away with ourselves too easily."
Match highlights: Sky Sports subscribers can watch highlights of Real Madrid's demolition of Bayern Munich in the Champions League semi-final second leg.