Ronaldo has scored in each of Portugal's last two games and his team-mates from Real Madrid and the Barcelona players in the Spain squad have seen plenty of what he can do in La Liga.
Busquets believes they must pay particular attention to Portugal's wing play and come to the aid of full-back Alvaro Arbeloa when necessary.
In quotes reported by www.marca.com, Busquets said: "We all know what a great player Cristiano is. He'll spend a lot of time on Arbeloa's side, but you need to work together as a team to stop a player like him."
Spain coach Vicente Del Bosque was also well aware of the test facing his side.
He said: "It's tough trying to stop a player with his qualities. He's extremely dangerous both when he has space and without it."
Defender Gerard Pique agreed, adding: "He's one of the best in the world and if we want to stop him it will have to be a collective effort."
But Barcelona and Spain team-mate Xavi backed Arbeloa in his encounter with Ronaldo.
"We have a great full-back in Arbeloa, who is among the best out there defensively speaking.
"We'll try to cover for him, to make sure Ronaldo doesn't settle and we don't let him turn."