in the pre-launch prompt assign the following entries of the controls as this:
Steer (steering wheel) = left stick left or right
Accelerate Pedal (Steering Wheel) = LT
Brake Pedal ( Steering Wheel) = RT

(yes for some reason you have to invert LT and RT, but they'll work normally in the game)

now start the game and in the option menu set Steering Wheel support to ON, the sensitivity to 3/4th and the dead zone to 1/4th.

now you should be able to steer in analogic fashion, although it will not be too good, I think the game was not designed to accept analogic input at all.

there's also a strange think going on: as soon as the race loading ends, press the brake (LT) on time or the game won't accept the accelleration input.
As reported by user VolvoBattousai, hitting the brakes once before race starts could trigger an auto-acceleration feature (I think that could be related to some controls configuration, other than the ones I reported above, different from mine) to avoid this, hit the brakes twice instead of once.

hope this help someone. If you have any suggestion how to improve this, just comment and I'll add them to the guide.