The 34-year-old scored a second-leg hat-trick as the Italian champions overturned a 2-0 first-leg deficit to progress to the quarter-finals.
He replicated Simeone's gesture after the first game by grasping his genitals and thrusting out his groin following his tie-winning penalty.
Argentinian Simeone was also fined €20 000 by UEFA for his celebration, with European football's governing body following suit in Ronaldo's case.
"He will have seen how I did it at the Wanda Metropolitano and, like me, was trying to show his character," Simeone said after the match.
Ronaldo, who returns to Portugal international duty after a nine-month absence later on Thursday, has scored 24 goals for Juventus since signing from Real Madrid for €100 million last year.