Super F1 Circus Limited is largely identical to Cream's earlier Super Famicom racing game Super F1 Circus, however it was shortly after the release of that game that Cream was given permission by FOCA (Formula One Constructors' Union, an association of car manufacturers for Formula One) to use actual driver and team names for their subsequent Super F1 Circus games. Super F1 Circus Limited was quickly created to take advantage of this recent development.

With the exception of the use of actual drivers/team names, there is no significant difference between this version of the game and the earlier Super F1 Circus. The series would see a proper sequel on the Super Nintendo, with enhanced graphics and additional features, with Super F1 Circus 2 in 1993.