The 25-year-old Welshman, who made the move to the Bernabeu from Tottenham Hotspur for a world record fee of around £85m, enjoyed a promising debut season at his new club.
Bale continued his fine form by setting up Ronaldo for Madrid's opening goal in the 2-0 European Super Cup victory against Sevilla on Tuesday night.
"Bale was fantastic, he played amazing," Ronaldo is quoted as saying by Sky Sports News when asked about the match in Cardiff.
"He looks strong, he looks fast and is a very important player for us. He had a fantastic season last year so it doesn't surprise me the way he plays. He showed his quality week by week and it's great to have Gareth with us and be part of the success of Real Madrid.
"I'm very glad to play with him to because he understands me and I understand him. He does fantastic passes and I love it."
Los Bloncos are back in action next Tuesday when they face Atletico Madrid in the Spanish Super Cup.