In recognition of his contribution to Formula One racing the Nürburgring has renamed turns 8 and 9 (the Audi and Shell curves) as the Schumacher S. In a similar act of honoring Schumacher, he was awarded an FIA Gold Medal for Motor Sport in 2006.

The following year the Swiss Football Association appointed Schumacher as the Swiss ambassador for the 2008 European football championship. A month later he presented A1 Team Germany with the World Cup trophy at the A1GP World Cup of Motorsport 2007 awards ceremony. He received a standing ovation from the gathered crowd when he was announced on stage.

Schumacher has been honored during his career. He has won the Laureus World Sportsman of the Year award twice, in 2002 and 2004 for his performances in the 2001 and 2003 seasons respectively. He has received nominations for the 2001, 2003, 2005 and 2007 awards. No-one has been nominated more times than Schumacher in the award's 7-year history.