The 1998 Race of Champions took place on December 6 at Gran Canaria. It was the 11th running of the event, and the 7th running at Gran Canaria. It was the final year that the event was exclusively for rally drivers. Colin McRae was the victor after beating brother Alister in the final.
| Driver | Reason for Qualification |
|---|---|
 Colin McRae | World Rally champion in 1995 |
 Didier Auriol | World Rally champion in 1994 |
 Carlos Sainz | World Rally champion in 1990 and 1992 |
| Alister McRae | Winner in the International Masters |
 Armin Schwarz | Finalist in the International Masters |
 Thomas Rådström | 3rd in the International Masters |
| Stig Blomqvist | Winner in the Legends Race |
 Miki Biasion | Finalist in the Legends Race |
| Semi-finals | Final | |||||
| Stig Blomqvist | 2 | |||||
 Ari Vatanen | 1 | |||||
| Stig Blomqvist | ? | |||||
| Miki Biasion | ? | |||||
| Miki Biasion | 2 | |||||
| Hannu Mikkola | 0 | |||||
| Quarter-finals | Semi-finals | Final | ||||||||
| Armin Schwarz | 1 | |||||||||
 J-P. van de Wauwer | 0 | |||||||||
| Armin Schwarz | 1 | |||||||||
| Marcus Grönholm | 0 | |||||||||
| Flavio Alonso | 0 | |||||||||
| Marcus Grönholm | 1 | |||||||||
| Armin Schwarz | 1 | |||||||||
| Alister McRae | 2 | |||||||||
| Thomas Rådström | 1 | |||||||||
 Neal Bates | 0 | |||||||||
| Thomas Rådström | 0 | |||||||||
| Alister McRae | 1 | |||||||||
| Alister McRae | 1 | |||||||||
| Andrea Aghini | 0 | |||||||||
| Quarter-finals | Semi-finals | Final | ||||||||
| Colin McRae | 1 | |||||||||
| Miki Biasion | 0 | |||||||||
| Colin McRae | 1 | |||||||||
| Didier Auriol | 0 | |||||||||
| Didier Auriol | 1 | |||||||||
| Armin Schwarz | 0 | |||||||||
| Colin McRae | 2 | |||||||||
| Alister McRae | 1 | |||||||||
| Thomas Rådström | 0 | |||||||||
| Alister McRae | 1 | |||||||||
| Alister McRae | 1 | |||||||||
| Carlos Sainz | 0 | |||||||||
| Carlos Sainz | 1 | |||||||||
| Stig Blomqvist | 0 | |||||||||
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