The men stripped down to swimwear emblazoned with the Malaysian flag after the Australian driver's win.
The group - branded the "Budgie Nine" - have arrived in a Malaysian court and are expected to be charged.
They face up to two years in jail if found guilty of intentional insult and public indecency.
The men have been held in Kuala Lumpur since their arrest on Sunday.
Under Malaysian law, the men can be held for four days, after which they attorney-general's office can either seek to extend their detention, charge or release them.
Malaysia has strict rules on any display of public indecency and foreign offenders are typically issued a fine before being deported.
Mr Ricciardo told the Herald Sun newspaper: "It sounds like they have learned their lesson and I don't think they will be doing that again any time soon in Malaysia."
"I see it as pretty harmless. I respect the laws in Malaysia but beyond that I don't think they deserve any further punishment."
The men were photographed standing in front of crowds at the Sepang track on Sunday, wearing swimwear known in Australia as budgie smugglers.
Abdul Aziz Ali, the Sepang assistant police commissioner, has said they were "caught in the act" and that he believes there is enough evidence to charge them.
The group includes the son of Australia's trade commissioner in Fukuoka, Japan, and an adviser for cabinet minister Christopher Pyne.
They have been visited by representatives from the Australian high commission and a local lawyer.
Foreign Minister Julie Bishop told the Nine Network that what may be seen as a foolish prank in Australia could be interpreted very differently in other countries.
"I don't know that it will be seen as a lapse of judgment," she said.
"It was clearly premeditated. They were wearing the budgie smugglers and had bought them in Australia."
Formula One driver Daniel Ricciardo has called for nine Australian tourists arrested for stripping off at the Malaysian Grand Prix to be released.