During the second half of the Champions League fixture in Turin, Ronaldo jumped above the home side's defence before powering an overhead kick into the bottom corner from 14 yards out.
The goal is regarded as one of the greatest in the tournament's history, and Rakitic admits that the Portuguese star deserves credit for the stunning strike.
After Barcelona's 4-1 win over Roma, Rakitic told reporters: "We have to congratulate Ronaldo on his goal, it was awesome.
"It is difficult to find the right words. Real Madrid dominated all aspects of their match and played really well, so we have to congratulate them."
Real went on to complete a 3-0 victory over the Italian giants to move to the brink of progressing through to the semi-finals.