Uefa says its disciplinary panel will judge the charge of "improper conduct'' on Thursday (Friday NZT).
Simeone was fined €20,000 (NZ$33,000) by UEFA for making an obscene 'cojones' gesture after Atletico took the lead in a 2-0 win over Juventus in the first leg. Ronaldo's hat trick in the 3-0 win in the return leg in Turin last week sent Juventus to the quarterfinals.
Ronaldo celebrated at the final whistle by mimicking Simeone's gesture.
If Ronaldo is banned by UEFA, he is likely to only miss the first leg of Juventus' quarterfinal tie in Amsterdam on April 10. The return fixture takes place in Turin on April 16.
When Ronaldo played for Real Madrid, he twice won Champions League finals against Atletico.