Armstrong was joined by fellow astronaut John Glenn, the first man to actually orbit the earth.
The ceremony at the Woodland Cemetery was in honor of the 100th anniversary of the Wright brothers' first flight, WCPO-TV reported.
A replica of the Wright B Flyer flew overhead.
In a brief speech, Armstrong called the Wrights "men of honesty and integrity in everything they did."
The brothers invented their plane in their hometown of Dayton and made their first flight in Kitty Hawk, N.C., on Dec. 17, 1903.
About 1,000 people attended the ceremony on the final day of Dayton's Inventing Flight Celebration.