The 33-year-old seven-time Pro Bowl selection was cut by the Rams last week in a financial maneuver that created nearly $6 million against the 2009 salary cap.
Pace was slowed last season by a knee injury and a thigh muscle tear.
The former Ohio State star and No. 1 overall pick has also dealt with serious shoulder and triceps injuries in recent years.
The Ravens have veteran offensive tackle Willie Anderson under contract for next season as well as Jared Gaither and Adam Terry.
Aaron Wilson covers the Baltimore Ravens for the Carroll County Times and the Annapolis Capital.