The Los Blancos captain has taken over penalty duties at the Santiago Bernabeu this season following the summer sale of Cristiano Ronaldo to Juventus, and he scored from the spot in the 4-2 win over Celta Vigo on Sunday.
Ramos dinked the ball down the middle, deceiving the goalkeeper in a manner similar to Panenka's famous effort for Czechoslovakia in their 1976 European Championship final shootout victory against West Germany in Belgrade.
The 69-year-old told AS that it's good to see his technique is still being used:
"Of course, I know that Ramos is taking penalties in my style, everyone says so. It's making Belgrade 1976 come back to our lives again. I appreciate it greatly. What memories and chills!
"I'm really proud that Ramos has developed a taste for shooting penalties like that, as do many other top-level players. Ramos is undoubtedly one of the best in the world. It is not the first time he uses my shot, he is a regular, and I am glad that he is."
Panenka, who scored 17 goals in 59 appearances for his country, added that while Ramos' first efforts at the technique were "not the prettiest," the one against Celta was "one of the most elegantly executed Panenka penalties I've ever seen him do."
Eleven Sports provided footage of the effort:
Following Ronaldo's exit, the Madrid captain has blossomed into an expert penalty-taker:
The goal effectively made the match safe for Madrid in a potentially testing away game.
After leading 2-0 they were pegged back by the Galician outfit, before the penalty eradicated any thoughts of a Celta comeback. It was a fourth win in a row for Santiago Solari since he took over at the Santiago Bernabeu too.
Ramos has regularly proven himself to be a man for the big occasion with Madrid, excelling in crunch matches and UEFA Champions League finals down the years, so it was no surprise to see him convert that effort.
Real have won the Champions League in four of the last five seasons and for the last three years in a row, and the 32-year-old has been key in those triumphs.
Ramos' next opportunity to show off his ability from the spot for his club will come after the international break against Eibar on November 24.