Retired racer Schumacher, the younger brother of Ferrari great Michael and winner of six grands prix in a 180-race career between 1997 and 2007, revealed his status on social media at the weekend.
The number of openly non-heterosexual drivers in the 74-year history of male-dominated Formula One can be counted on the fingers of one hand and Ralf, 49, is by far the most prominent and successful.
A pundit for Sky television in Germany, the former Jordan, Williams and Toyota driver is a familiar face in the paddock. Divorced, he has a 22-year-old son David who competes in sportscar racing.
"Clearly he has not felt comfortable being able to say it in the past. It is definitely not a new thing," Mercedes' seven times world champion Hamilton told reporters at the Hungarian Grand Prix.
"I think it just shows that we are in a time where finally you can take that step and don’t have to fear.
"So far I’ve heard only positive feedback from people (in F1) and I think that’s because of the times we live in and the changes."
Ralf's sexuality was sometimes alluded to by paddock insiders during his time as a grand prix racer but more often ignored and his privacy respected.
McLaren's Lando Norris said it was good to be open.
"Whether it's this or talking about mental health, you just want people to live their life and be happy and not feel like they are going to get judged, so I'm very happy for him," said the Briton.
Strong stance
Hamilton has taken a strong stance on LGBTQ+ issues over the years and has worn a Progress Pride helmet in countries such as Saudi Arabia and Qatar.
In 2021 he spoke out in Hungary against anti-LGBTQ+ legislation while four-times world champion Sebastian Vettel showed support by wearing trainers with a rainbow design.
"I think it all started from Seb and I standing on the grid here (in Hungary), fighting against what the government is doing here, and when I was wearing a helmet in Saudi and Qatar," Hamilton said on Thursday of the changing attitudes.
"Ralf said (then that) it wasn’t a good idea to do those things and perhaps today he dared shift his mind and even him taking that step sends such a positive message," added the Briton.
Hamilton said the sport, which has not had a female race driver since 1976, should do more to be truly welcoming. He suggested an anonymous questionnaire for all involved.
"It is one thing saying that it’s inclusive and it’s another thing actually making sure people feel comfortable in the environment," he said.
"We are very inclusive within our team but I think the sport does need to continue to do more to make people feel more comfortable and make women feel more welcome in this space because I know they have not always been treated well."
A Formula 1 spokesman said Ralf's announcement was "a very positive thing" and showed F1 had taken big steps forward in inclusivity and diversity.
"We want to keep pushing to ensure everyone feels accepted and welcomed for who they are but we should all be proud of the progress we are making," he added.
