Nations League victors Portugal toast Ronaldo's 'winner mentality'
Portugal twice fell behind, but twice came back, with Ronaldo scoring the second equaliser.
"A captain with the type of experience he has is essential, to show the necessary values and personality," said Portugal coach Roberto Martinez.
"Spain was ahead on the scoreboard twice, but the captain has a lot of experience and we used his experience to show we are ready to win."
The 40-year-old forward was subbed off with what looked like cramp, but Portugal fought through extra time after the match finished 2-2 and then triumphed 5-3 on penalties.
On the sidelines, Ronaldo could not watch the final penalty, burying his face in a teammate's back. Once Ruben Neves converted, the Portugal veteran fell to his knees and was embraced by players and staff.
Ronaldo scored the winner in Portugal's semi-final victory over Germany and the crucial equaliser against Spain.
Nuno Mendes, who scored Portugal's first, set up Ronaldo's goal and converted a penalty in the shootout, praised the veteran's impact.
"He deserves everything. He helps us a lot on the pitch and off it," Mendes said.
"He's got a winner mentality. He's a role model. We're happy we've got him."
Mendes, who won the Champions League with Paris Saint-Germain on the same ground eight days ago, was named man of the match by UEFA after the game.
Ronaldo made his debut in the national team in 2003 and has gone on to score 138 goals while picking up 219 caps for his national side.