The London club, who suffered a second relegation from the Premier League in three seasons after a disappointing campaign, said Ramsey had agreed a contract until 2018.
The 53-year-old managed only two wins in 12 games since being officially named as Harry Redknapp's replacement when the former Tottenham Hotspur manager resigned.
QPR director of football Les Ferdinand backed Ramsey's appointment.
"His coaching methods and techniques are second to none and with an opportunity to work with his own squad going forward, he is the ideal candidate for the role in terms of our new philosophy of nurturing young talent and promoting from within," Ferdinand said in a statement.
"Rebuilding the club is our first target. If we can make an immediate return to the Premier League, then great, but we have to focus on re-establishing the traditions of QPR.
"That will take time, but in Chris we have a man who is relishing the challenge that lies ahead."
Ramsey, one of the few black managers in English football, faces a huge challenge, especially with the threat of Football League financial sanctions hovering over the club.
"This is a fantastic opportunity for me and one I am tremendously excited about," Ramsey, who was formerly on the coaching staff at Tottenham, said.
"I enjoyed my time in temporary charge, despite the way the season panned out, and now I'm looking forward to the challenge of helping rebuild this club over the coming years."
(Reporting by Martyn Herman, editing by Ed Osmond)
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