Ralph Balcom was born on December 24, 1933, in Seattle, Washington. He was commissioned through the Air Force ROTC program at the University of Washington in June 1955, and then completed pilot training and was awarded his pilot wings in 1956. After completing F-86 Sabre and F-100 Super Sabre training, Lt Balcom served as an F-100 pilot at George AFB, California, from 1957 to 1958. His next assignment was as a Supply Officer at Keflavik, Iceland; Rantoul AFB, Illinois; and at Donaldson AFB, South Carolina, from 1958 to 1963. Capt Balcom attended F-105 Thunderchief Combat Crew Training with the 4526th Combat Crew Training Squadron of the 4520th Combat Crew Training Wing at Nellis AFB, Nevada, with Class 64-C from July to September 1963, and then served as an F-105D pilot at McConnell AFB, Kansas, from 1963 to 1965. He deployed as an F-105D pilot with the 421st Tactical Fighter Squadron of the 388th Tactical Fighter Wing at Korat Royal Thai AFB, Thailand, from November 1965 until he was forced to eject from his stricken aircraft over Laos on May 15, 1966. It is believed that Captain Balcom was killed on that date, but he was officially listed as Missing in Action and promoted through the ranks to Colonel until being declared dead on December 27, 1977. His remains have never been returned to the United States. Ralph Balcom's dog tag was returned to the family in 2021, but no accounting for his remains has been found.

His 2nd Distinguished Flying Cross Citation for Valor reads:

Captain Ralph C. Balcom distinguished himself by heroism while participating in aerial flight as acting Flight Leader of three F-105 Thunderchiefs involved in an interdiction mission in Southeast Asia, on 15 May 1966. On that date, Captain Balcom led his flight to a vital road segment linking the logistic thoroughfare to South Vietnam from the North through weather which normally precludes mission accomplishment. Despite heavy defenses and the prohibitively low ceiling, Captain Balcom pressed the attack with the courage and precision which had characterized his preceding ninety five combat missions. The tremendous explosions of his high explosive ordnance shook his aircraft after tearing great gaps in the road rendering it useless for vehicular traffic. The outstanding heroism and selfless devotion to duty displayed by Captain Balcom reflect great credit upon himself and the United States Air Force.