Seagraves died on September 27, 1998. He was survived by his wife Ardette and son Colbert. Upon his death, NHRA president Dallas Gardner said "Ralph was certainly the patriarch of motorsports' sponsorships, but Ralph's real legacy is that he always considered R.J. Reynolds as a partner in building motorsports, not (just) a sponsor. His contribution to the success of NHRA is immeasurable. We will miss him." Besides his International Motorsports Hall of Fame induction, he was inducted in the National Motorsports Press Association Hall of Fame in 1992 and the International Drag Racing Hall of Fame in 1993.