The Italian feels the duo only voiced their personal opinions after a heated encounter, while also questioning the reaction to Sergio Busquets' stamp on Pepe.
Ronaldo and Ramos both heavily criticized Mallenco after Madrid's loss at the Santiago Bernabeu, accusing the referee of deliberately favoring Barcelona.
Nevertheless, Ancelotti feels his players only gave their personal opinions and sees no reason for disciplinary action.
"I think that in this context, Cristiano and Sergio Ramos were not disrespectful toward anyone," Ancelotti said at a news conference. "They only gave their personal opinion and I understand how they felt. I have always said that, unfortunately, referees can always make a mistakes in a game."
The Madrid coach then went on to discuss the incident where Sergio Busquets seemingly stamped on Pepe's head and feels there would have been more uproar about the incident had things been the other way around.
"Just think about what would have happened had Pepe been the one stamping on Busquets' head," the Real Madrid boss said. "I don't know what would have happened..."
Ancelotti decided to withdraw Karim Benzema in Sunday's Clasico after Sergio Ramos' dismissal, despite the Frenchman's two first-half goals, but he has made it clear the striker understood his substitution.
"I spoke to Karim about his substitution. He put in a great performance and there's no problem at all. He understood the reason behind my decision," he said.
Madrid will be looking to return to winning ways on Wednesday when it travels to Sevilla.