Originally a low, swampy ground, the plaza was established by the Municipal Board of Manila, known today the Manila City Council, on November 15, 1915, and dedicated to Spanish journalist and poet Salvador Rueda, who visited the Philippines that year.

New benches, landscaping and light fixtures were installed in the plaza's first renovation,[2] part of a wider redevelopment of public spaces during the tenure of Mayor Lito Atienza.

Neglected during the tenure of his predecessor, Alfredo Lim, the second renovation entailed the installation of new light fixtures, benches and a perimeter fence, as well as landscaping.

[1] The hospital partnered again with the city for its 52nd anniversary to renovate the plaza a third time during the tenure of Estrada's successor, Isko Moreno, which included improved landscaping, newly-painted fences and pavement improvements,[4] as well as the installation of capiz shell light fixtures.

[6] Despite the renovations, a 2017 academic study found that Plaza Rueda had some of the lowest number of trees planted among urban spaces in the City of Manila, with only 11 trees planted, equaling a vegetated area of only 56 square meters (600 sq ft) compared to a total area of 1,083 square meters (11,660 sq ft).