Like Fey, Morgan is a former SNL cast member. He also co-starred with Fey and Baldwin on the sitcom 30 Rock before he was seriously injured in a horrific June 2014 car crash.
"I wish my friend Tracy Morgan was here tonight and I know that he was hoping that he would be well enough to be here, too," Fey said.
"Tracy would have been the first to accurately express how thrilled we all are to be a part of television history, possibly saying something like: 'Yo, AB, you know this is the Comedy Hall of Fame, right?'" Baldwin added.
"And, if he were here tonight, I'm sure Tracy would remind us that, more than anything, he would like to get us all pregnant," Fey quipped.
"See you at the 41st, Tracy," Baldwin said.
"We love you," Fey concluded before a clip of an SNL sketch featuring Morgan and Jimmy Fallon started to play.