The 24-year-old joined the Santiago Bernabeu outfit for a world-record fee of £86 million in the summer transfer window - a sum that eclipsed the money spent by Madrid in buying Ronaldo from Manchester United in 2009.
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"I believe that these two players will do very well at Madrid and form a fine partnership," Ronaldo told AS.
"Cristiano and Bale will make the Madrid fans happy. They will triumph together and the fans will enjoy their partnership.
"They will do some great things together and I have no doubt that they will get along just fine. Great players always understand each other. The Madrid faithful are in for a treat."
Bale, who scored 21 goals in 33 Premier League appearances last season, could make his official Madrid debut at the weekend away against Villarreal.