The rally was held in Tel Aviv's Rabin Square and a number of Israeli officials attended to remember the slain prime minister 12 years after he was killed by right-winger Yigal Amir in 1995, The Jerusalem Post said.
Media reports said nearly 150,000 people joined the politicians in honoring Rabin's accomplishments while prime minister of Israel.
After some words from journalist Aharon Barnea, the organizer of Saturday's event, Israeli President Shimon Peres spoke of Rabin's dedication to peace and equality.
"A politician looks to his voters, a state leader to those too young to have the right to vote; a politician looks to the ballots, a state leader to the cradles," Peres said.
"This is why he never ceased to speak of a new agenda, an agenda that included peace, first and foremost," he added, "and immediately after peace, or maybe concurrently with it, education; and with education -- infrastructure, and with infrastructure -- equality."
"You are (Rabin's) heirs, go forth and fulfill his vision," the president concluded.