A procession of current and former Yankees and Steinbrenner's family members walked and rode golf carts across Yankee Stadium's playing field to its Monument Park, where a large plaque bearing a likeness of "The Boss" was unveiled by his widow Joan.
Steinbrenner, who owned the team for 37 years during which the Yankees won seven World Series, died July 13 at age 80.
Also attending the ceremony were his daughters Jessica and Jennifer, and his sons Hal and Hank.
Current team members and illustrious former Yankees, including Yogi Berra, Reggie Jackson, David Wells, Tino Martinez and Roy White, gathered in Monument Park for the event, The New York Times reported.
Also making his first return to Yankee Stadium since leaving as the team's manager in 2007 was Joe Torre, as well as Torre's successor as the skipper of the Los Angeles Dodgers, former Yankees great Don Mattingly.
An inscription on Steinbrenner's monument describes the controversial owner, known for spending freely on players and frequently firing managers, as "a true visionary who changed the game of baseball forever" and "the most influential owner in all of sports."