The former Cheetah Girl is set to wed Roc Nation music exec Lenny Santiago.
"I still can't believe it! I stare at my ring all day long and it just feels so surreal to have found my soul mate," she tells PEOPLE exclusively. "I love him. He's an incredible man, and I've kept it sacred for such a long time and it proves that sometimes ... sometimes that works. It's special and sacred to me, and I'll keep it that way."
Bailon, 31, broke the happy news while taping The Real, and E! News shared a sneak peek of the upcoming episode – which airs Feb. 9 – in which she reveals the details of how Santiago proposed.
Bailon shocked co-hosts Loni Love, Jeannie Mai, Tamar Braxton and Tamera Mowry-Housley by showing off her sparkler during the talk show's "Turn the Page" segment.
"It's not in here! You know why? Because no one knows," she teased as they flipped through tabloids. "I'm engaged!"
This will be her first marriage. She previously dated Rob Kardashian.
Bailon isn't the only one to make a big personal announcement on The Real: Just last month, Mowry-Housley revealed she's expecting her second child, a baby girl.
With reporting by MELODY CHIU