Euronews.net said part of the large rock that ripped a hole into the hull of the Costa Concordia's liner was returned to the sea as part of the ceremony.
Cmdr. Giovanni De Falco, who led the rescue operation and has been called a hero, spoke at the ceremony.
"We have to carry out our duties, whatever they may be, even when risk is involved. It is our duty to do everything that we can do, and it should be done with conviction," he said.
Euronews.net said the Concoridia's Capt. Francesco Schettino, will likely face manslaughter charges, as he abandoned ship before all passengers had been evacuated. He remains under house arrest.
The Guardian said the daylong ceremony will culminate Sunday with a minute's silence at the exact time the ship hit the reef.
The cruise liner still lies on its side off the coast of Giglio Island, The Guardian reported.
The ship will likely be removed in September.