The answer of Hagen von Eitzen gives the correct answer if we demand that the multiplication that we are constructing is compatible with the usual multiplication on $\mathbb{R}$. However, if we do not make that assumption, then there are many non-isomorphic field structures on $\mathbb{R}^2$.
To see this, let $F$ be any field of characteristic zero and cardinality $|\mathbb{R}|$. We claim that $F$ is isomorphic as a field to $\mathbb{R}^2$ for a suitable choice of multiplication for $\mathbb{R}^2$.
To see this, we note that both $F$ and $\mathbb{R}^2$ have the structure of a $\mathbb{Q}$-vector space. Moreover, looking at the cardinalities, each has dimension $|\mathbb{R}|$ over $\mathbb{Q}$. Since vector spaces with the same dimension are isomorphic, this means that there is a linear isomorphism $\phi: F \to \mathbb{R}^2$.
Since $\phi$ is an isomorphism, we can use it to define a multiplication $\cdot : \mathbb{R}^2 \times \mathbb{R}^2 \to \mathbb{R}^2$ by transport of structure: we simply define $a \cdot b = \phi(\phi^{-1}(a) \cdot \phi^{-1}(b))$ for all $a, b \in \mathbb{R}^2$. Now $\phi$ preserves not only addition (which it already did because it is linear), but also multiplication (by construction). Since $F$ is a field, and $\phi$ is a bijection, this proves directly that $\mathbb{R}^2$ with this multiplication and the usual addition is a field, and in fact isomorphic to $F$.
A surprising consequence is that $\mathbb{R}^2$ has a multiplication such that it is isomorphic to $\mathbb{R}$! Unfortunately, we have shown the existence of this multiplication using the axiom of choice, so it might not be possible to give a 'direct' description of this multiplication.