Yes, it was named for one of the Ringling Bros. of circus fame. John Ringling was also the president and builder of the Yellowstone Park and White Sulphur Springs Railroad which eventually became a branch of the Milwaukee railroad. The Ringlings at one time owned over 100,000 acres in the area and at one time contemplated establishing a circus headquarters here.
At one time it was a bustling little town with several businesses as a junction for White Sulphur Springs transfer customers.
After several devastating fires, the last in 1931, and the demise of the railroads Ringling dwindled to a few people and the surrounding ranches. Today it has a post office, school, and restaurant, and bar.
The town was immortalized by Jimmy Buffet when he wrote of the town in his song Ringling, Ringling on the Living and Dying in Three Quarter Time album. And yes, “Livingston Saturday Night” was about Livingston, Montana down the road a piece.