Bale got a hug off president Florentino Perez before collecting his winner's medal - the final act of a glittering nine years with the Spanish giants.
And, after the final, he posted a celebratory picture of himself with the Champions League trophy and a five hand gesture to highlight how many times he has won the competition.
The Wales captain, 32, ends his Real career when his contract expires next month.
But Bale received glowing praise for his success in Spain despite not getting the chance to star on the pitch at the Stade de France.
Liverpool legend Gerrard, who was captain in the club's 2005 Champions League victory and now Aston Villa boss, said: "In time and in years to come, he'll look back and think 'I've won this five times'. No-one can say anything towards him.
"It's a shame that he doesn't get the appreciation he deserves in terms of the contribution over that period and what he's going to go away with in terms of his CV.
"It's a shame that he never got a chance to come onto the pitch."