Ross, who has played Scott Drinkwell in the Channel 4 soap since April 2015, took to his Instagram page to share the happy news with his fans.
The couple have been on holiday in the US city of New York for the past week and it was while they were sightseeing in the Big Apple that they got engaged.
On Thursday evening Ross shared two pictures with his 40k Instagram followers - the first a selfie of him and Phil on top of the Rockefeller Center in Manhattan.
The second was two glasses of champagne alongside the famous Tiffany & Co blue boxes and the pair both wearing engagement rings.
Ross captioned the picture; 'New York was amazing. Oh and this happened..'
There have been no further details released about who proposed or plans for a wedding date.
Celebrity Big Brother star and Hollyoaks actress Stephanie Davis, who played Scott Drinkwell's cousin, was one of the first to congratulate the pair on their news.
'Congratulations to one of my best friends and the best couple ever @rosshollyoaks and Phil.'
While Sarah George, who plays the role of Celine McQueen in Hollyoaks said; 'Congratulations you gorgeous gorgeous couple. So much love! Can't wait to hear all about it.'
Following the special holiday, Ross was straight back to work on Friday morning, saying; 'Up bright and early for work…Feeling so jetlagged it hurts but can't wait to see my @Hollyoaks family.'
Up bright and early for work... Feeling so jetlagged it hurts but can't wait to see my @Hollyoaks family ðüé¥ðüé¬— Ross Adams (@ross_adams) April 8, 2016
The Newcastle-born star is also known for his role as Jeff Bowyer in the BBC three sitcom The Gemma Factor.
He has also made appearances in television dramas including Blue Murder, Emmerdale and Eleventh Hour with Patrick Stewart. Ross is the voice of Kellogg's Frosties adverts, too!
Prior to his career in acting, Ross worked on rival soaps Coronation Street and Emmerdale as a series producer and storyliner – writing over 400 episodes.