The former Liverpool captain, who played 710 games and scored 186 goals across his 17 years in the Reds first team, was acknowledged at a ceremony in Manchester on Thursday evening.
Gerrard, now U18s manager at the club, was one of nine people to be inducted this year – alongside Frank Lampard, Billy Bonds, Bob Wilson and the late Gary Speed.
Kelly Smith and Rachel Yankey – England women’s record goalscorer and cap holder respectively – plus Paralympian Alistair Patrick-Heselton and Charlie Roberts, as a Historic Player, were also recognised.
As well as a glittering Liverpool career that included seven major honours, the midfielder represented England on 114 occasions and captained his country 38 times.
“It’s a bonus, like all the other individual accolades I’ve achieved throughout my playing career and since I’ve stopped,” Gerrard told Liverpoolfc.com.
“I always see them as a bonus and a reward really for all the hard work, time and dedication I put into my career.
“The most pleasing thing is to follow in the footsteps of some heroes of mine, a lot who have played for this club as well with the likes of Kenny [Dalglish] and Ian Rush. I believe Michael Owen is also on the list.
“You don’t achieve these awards or get rewarded without your teammates and all the coaching staff that have helped you get to where you are.”