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Italy goalkeeper Gianluigi Donnarumma was the hero for the Azzurri in the shootout, while substitutes Marcus Rashford, Jadon Sancho and Bukayo Saka failed to convert from the spot for England.
Though Ronaldo and the Czech Republic's Patrick Schick were tied with five goals apiece, the Juventus star won the award as he had an assist to his credit.
UEFA had opened disciplinary proceedings against England on Thursday. The FA were also charged following disturbance during the national anthems and for the setting off of fireworks.
The Super Sunday begins with arch-rivals Brazil and Argentina locking horns at the Maracana Stadium to be crowned champions of South America.
The National, a newspaper representing freedom-minded Scotland, featured Mancini on the front page a la Mel Gibson in the film Braveheart, with the headline: “Save us Roberto, you are our last hope."
A zoo keeper planted England and Italy flags in the ground and the meerkats' task was to knock one down. It took them about five minutes to choose England.
This is only England's second appearance in a major final but will be Italy's 10th.
Television footage showed Schmeichel was targeted by a spectator using a green laser as England captain Harry Kane stepped up for a penalty in extra time to give the home side a 2-1 win during Wednesday's match at Wembley.
Harry Kane struck an extra-time winner as England beat Denmark 2-1 at Wembley.
The coach admitted the Azzurri had to suffer to reach their first major tournament final in nine years.
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