Los Blancos struggled for consistency in the early part of the campaign, but have won their last seven matches in all competitions and have not been beaten since losing to Barcelona at the end of October.
That run of form has moved them to within one point of top spot in La Liga, with Ramos claiming that there is "a lot of chemistry" between Ancelotti and the players.
"He's a manager who is envied for his footballing CV, for all that he's won and for all he knows about football," Ramos told FIFA.com.
"He's also been a player and has work the skin of a footballer, so for that reason, we have a lot of chemistry with him and he gets along really well with the squad."
Madrid face Espanyol in the quarter-finals of the Copa del Rey this evening.