Knievel worked closely with Madame Tussauds in the making of his figure, but didn't get to see it completed before he died late last year.
Madame Tussauds said the figure will be placed within the "Speed" room of the attraction where guests can sit on an authentic replica bike, a 1972 Harley Davidson XR750, put on a themed Evel cape and take pictures of themselves with his figure.
On-hand for the unveiling of the wax statue were Knievel's son Kelly Knievel, wife Krystal Knievel and Bill Rundle, a longtime friend and organizer of "Evel Knievel Days" in Butte, Mont.
"Evel Knievel was an international brand and his ability to self promote and capture the hearts and minds of young and old with his death-defying stunts made him one of the most recognizable icons of the 20th century," said Adrian Jones, general manager of Madame Tussauds Las Vegas.
"My father was honored that Madame Tussauds was creating his wax figure, and he would have been delighted with the finished product," Kelly Knievel said.