Five players from competition winners Italy made the best XI announced on Tuesday, though there was no place for Golden Boot winner Ronaldo.
The Portugal forward scored five times, as did the Czech Republic's Patrik Schick, but Belgium striker Romelu Lukaku got the nod in a front three with Federico Chiesa and Raheem Sterling.
Kyle Walker and Harry Maguire were the other England representatives in the team.
But there was no place for fellow defender Luke Shaw, who scored in the final to cap a fine tournament, or his Manchester United team-mate Paul Pogba, one of the tournament's stars before France's elimination in the last 16.
Player of the tournament Gianluigi Donnarumma was joined by Italy quartet Leonardo Bonucci, Leonardo Spinazzola, Jorginho and Chiesa.
However, midfield star Marco Verratti missed out despite some influential performances in the knockout stages.
Pierre-Emile Hojbjerg and Pedri were the sole representatives for Denmark and Spain respectively, both teams having gone out in the semi-finals.
Lukaku also edged out Harry Kane, Karim Benzema and Emil Forsberg, who all ended up with the same goal tally (four) as the Inter forward.
The best players to miss out
Switzerland goalkeeper Yann Sommer enjoyed an incredible tournament, saving a Kylian Mbappe penalty in his side's shoot-out win against France in the last 16.
He made a tournament-high 21 saves in total, 10 of those coming in the eventual defeat to Spain on penalties in the quarter-finals.
Denzel Dumfries saw his reputation enhanced during Euro 2020, even if the Netherlands were sent packing by the Czech Republic at the last-16 stage.
He became just the second ever Netherlands player, after Ruud van Nistelrooy, to score in his first two European Championship appearances, while also helping his side to a couple of clean sheets in his four outings.
Bonucci and Maguire earning selection meant their centre-back colleagues Giorgio Chiellini and John Stones narrowly missed out despite playing crucial roles.
England conceded just two goals all tournament, with only one of those coming in open play. A large part of that was down to ever-present defender Stones, who won 20 aerial challenges – the joint-second most of any defender in the competition, one behind Maguire.
Shaw was left out for England's opening game against Croatia, but the full-back soon made himself a consistent presence. He was even compared to the great Roberto Carlos after starring with two assists against Ukraine in the quarter-finals.
The Manchester United defender provided three assists in total and netted the fastest-ever goal in a European Championship final with his volley against Italy. Those four goal involvements were bettered only by Schick (five) and Ronaldo (six).
Paris Saint-Germain midfielder Verratti was a major fitness doubt for the tournament and sat out Italy's first two matches, but made an emormous impact in the following five games.
Since his first game against Wales on June 20, all-rounder Verratti ranked first among all midfielders at Euro 2020 for chances created (14), passes completed (388), progressive carries (59), tackles (18) and recoveries of possession (37).
Paul Pogba likely paid the price for his team's exit rather than his own displays.
He scored a stunning goal against Switzerland after getting two assists in the 2-2 group-stage draw with Portugal, and his supreme link-up play with Mbappe, Antoine Griezmann and Benzema was among the highlights of the early weeks of the tournament.
Patrick Schick not only scored the joint-most goals, but he was responsible for surely the most memorable one of the lot - a 49.7-yard lob against Scotland, the furthest ever distance a goal has been scored at a European Championships.
The Bayer Leverkusen forward found the net in all but one of his side's games, with three of his goals coming from open play, compared to just two for Ronaldo.
Even though it was far from a vintage tournament for Ronaldo and dethroned champions Portugal, the Juventus superstar still claimed the Golden Boot accolade thanks to having one assist more than fellow five-goal forward Schick.
Cristiano Ronaldo's 72 minutes per goal was the best return of any player to have played at least three times in the tournament.
His haul also moved him level with Iran great Ali Daei as the all-time leading goalscorer in men's international football with 109, a record that he will get a chance to break later this year.
UEFA's Euro 2020 Team of the Tournament: Gianluigi Donnarumma (Italy); Kyle Walker (England), Leonardo Bonucci (Italy), Harry Maguire (England), Leonardo Spinazzola (Italy); Jorginho (Italy), Pierre-Emile Hojbjerg (Denmark), Pedri (Spain); Federico Chiesa (Italy), Romelu Lukaku (Belgium), Raheem Sterling (England).