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Doctor & Romana were romantically involved.

The Doctor has had many companions before and after he travelled with Romana but most of them were humans or aliens with similar lifespans, the statement Missy made to Clara about the relationship between Clara and the Doctor “You see that couple over there, you’re the dog” (Magicians Apprentice) while Missy was being deliberately cruel the statement still stands humans have the lifespan of small dogs in comparison to Time Lords. The Doctor himself made a similar statement to Rose “you wither and you die, imagine what that is like to watch” (School Reunion), Sophie Aldred believes that her character Ace died of old age on the Tardis so the Doctor would be painfully aware by School Reunion exactly what that is like. Other than a select few companions (e.g. Zoe, K-9, River Song) Doctor is vastly more intelligent than his companions and is usually the one saving the day and doing all the technobabble. The Doctors relationship with his companion is usually either as a father figure or a teacher making the decisions and generally being in charge.

With Romana all of these things are different she is also a Time Lord so lifespans aren’t a problem, she is arguably more intelligent than he is so they can challenge each other on an intellectual level that other companions just can’t. Romana is a lot more independent than other companions because of her intellect and the fact that she was schooled on Gallifrey. The fact that they are from the same species means that they have more in common than other companions. The Doctor leans on her more than others and gives her more freedom, not insisting that she stay put or stick with him as often. Their relationship started very differently to others he didn’t ask her to travel with him they were colleagues to begin with searching for the Key to Time, then they became stuck together on the run from the Black Guardian. They didn’t exactly get along at first but almost by accident became best friends (The Final Phase), they had a level of banter that hasn’t been repeated. When Romana was in mortal danger and Doctor was faced with the opportunity to save her or defeat the Black Guardian he chose her. Like all companions the Doctor offers adventure that she can’t get back home but the difference is that the Doctor was a living legend to Time Lords even at that point in his life, he had saved Gallifrey from destruction twice and become Lord President in addition to being a famous renegade.
The relationship between Doctor and Romana grew over time through their mutual trouble and strives, shared history and culture as well as sense of adventure and moral values. Their relationship grew from day one and became stronger over time, when she was Lord President she dropped everything to go on an adventure with him (Shada) and her friendship with Leela started because of they both had a friendship with the Doctor. They could spend more time together than others because of their long life spans. I think this theory adds more weight to her exit (Warriors Gate) and their later meetings with one another (e.g. Apocalypse Element, Neverland) where her first thought was “You’ve got the wrong face” which is odd for Time Lords as change is a big part of their lives and why later meetings have more flirting than banter; why is this the case because there is some history there.
In an alternate timeline where Romana never went off with the Doctor she was married with children (Gallifrey: Reborn) yet in the proper universe she has no-one and has instead dedicated her life to the implementation of liberal politics on Gallifrey.

In conclusion, the Doctor & Romana have had a romantic relationship and Romana never really got over, the later relationships that we see the Doctor have were short lived (e.g. Charlie Pollard, Rose Tyler, River Song) and ended with the other person dying. For the above reasons I believe that they are/were romantically involved and has been a defining part of their characters for the rest of their lives.
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