Rousey, 27, reportedly got into a heated debate with UFC star Shayna Baszler on who would get to be the Flair of the group, and who would be Arn Anderson.
Eventually, it was decided that Rousey would have the honor of being Flair and that Baszler would be Anderson.
It hasn't yet been announced who the rest of The Four Horsewomen aspire to be in the group.
The Four Horsewomen, which also includes top-ranked 145-pound superstar Marina Shafir and UFC bantamweight contender Jessamyn Duke, is a throwback to pro wrestling's glory days of the late-80s', when The Four Horsemen reigned supreme.
The original Four Horsemen included Flair, Arn and Ole Anderson, plus Tully Blanchard, so the Four Horsewomen name is a bit of a tribute to some of the pioneers of pro wrestling.
"Since Shayna (Baszler) moved in, out group activity is that we sit down and watch RAW and all this stuff together. It's like our little family time," Rousey said.
"Shayna totally converted our new house into a super pro wrestling house. Me and Shayna did have an ongoing debate on who was Arn Anderson and who was Ric Flair. I was like 'sorry, I have to be Ric Flair, I gotta be Ric Flair.' So eventually we came to the conclusion that I could be Ric Flair and she could be Arn Anderson, as long as I could be Goku, and she could be Vegata."
Much like Flair, Rousey is a heel that fight fans can't help but cheer for.
Technically, the bad guy isn't supposed to get so much love from the crowd, but UFC fans can't help themselves when it comes to Rousey.
Love or hate her, Rousey knows fight fans will watch her compete.
The star judoka has the same brash personality as Flair, to go along with some slick skills inside the cage.