Madame Tussaud's wax museum created the lifelike statue of Swayze in his memorable role as dance guru Johnny Castle from the 1980s hit musical.
"It is going to be so fun to have this figure in the museum here, and at the same time it's bittersweet," Niemi told "Access Hollywood" at the unveiling. "I wish he was really here."
Swayze died of cancer in 2009.
The figure is clad in a black tank top with arms outstretched as they were in the scene where Johnny teaches Baby some smooth moves while balancing on a log over a stream.
The Los Angeles Times said Saturday the statue was created at the same time producer Kenny Ortega has been in development with a remake of "Dirty Dancing."
"We're going to teach Baby to dance again but we're going to find a cast that can stand tall in their own shoes," Ortega told OnTheRedCarpet.com at the unveiling. "We're not going to try to be replacing this man, because that's impossible."