The racer spent six months in an induced coma in 2014 after suffering a serious head injury while skiing in the French Alps.
His current condition is unclear because of a media blackout imposed by his family.
The Holy Father prayed for him after being visited by Jean Todt, the president of the Formula One's governing body FIA.
Mr Todt was seeking the backing of Francis for a new road safety campaign aimed at cutting the number of children killed in car accidents.
He told Vatican Radio: "I think it made a big impression on him.
"We informed him that 500 children die on roads every day and that another 20,000 are injured every day."
Mr Todt said he shared an update of Schumacher's progress with the pontiff: "I asked him if he wanted to say a prayer and he happily accepted."